Businessman Raj Kundra has been granted bail by a special PMLA court in Mumbai in connection with the ₹6,606 crore Bitcoin-linked money laundering case. Kundra, who is married to actor Shilpa Shetty, appeared before the sessions court earlier on Friday following summons issued last month.
The special court had earlier taken cognisance of a supplementary prosecution complaint filed by the Enforcement Directorate (ED). The complaint named Kundra and Delhi-based businessman Rajesh Ram Satija among the accused in the alleged cryptocurrency scam linked to Variabletech Pvt Ltd (VTPL).
While issuing summons, the court observed that the prosecution complaint and case records prima facie indicated involvement under Section 3 of the Prevention of Money Laundering Act (PMLA), punishable under Section 4. The court noted that there was sufficient material to proceed against the accused.
ED’s Allegations
According to the ED, Kundra allegedly received and retained 285 bitcoins, valued at approximately ₹150.47 crore as of April 16, 2024, based on a per-bitcoin rate of ₹52,79,755. The agency claimed that the bitcoins were allegedly received from accused Amit Bhardwaj and that Kundra failed to disclose wallet addresses or surrender the digital assets.
The ED further alleged that he attempted to “layer” the transactions to make them appear legitimate. It claimed that a sale transaction was executed at a rate significantly below market value in the name of his wife, allegedly to conceal the origin of the funds and evade legal scrutiny.
Background of the Case
The ₹6,606 crore case relates to an alleged large-scale cryptocurrency investment fraud commonly referred to as the Gain Bitcoin scam. The ED had filed a supplementary complaint last year expanding the scope of its investigation and naming additional accused.
With the bail granted, further proceedings in the case are expected to continue before the special PMLA court.