A special court in Mumbai has moved forward with proceedings in the high-value “Gain Bitcoin” money laundering case, issuing summons to businessman Ripu Sudan Kundra, widely known as Raj Kundra, following the filing of a supplementary prosecution complaint by the Enforcement Directorate (ED).
The summons was issued on Monday after the court took notice of the ED’s complaint linked to an alleged Rs 6,600 crore Ponzi scheme involving Bitcoin investments. Special Judge R.B. Rote directed Kundra and co-accused Rajesh Ram Satija to appear before the court on Jan. 19, 2026. The order followed arguments presented by Special Public Prosecutor Kavita Patil on behalf of the central agency.
In its formal direction, the court ordered that legal process be taken against Kundra, listed as accused No. 17, and Satija, accused No. 18, for offences under Section 3 of the Prevention of Money Laundering Act (PMLA), punishable under Section 4 of the same law.
Origin of the ED investigation
The money laundering probe stems from multiple first information reports registered by Maharashtra and Delhi Police against Variable Tech Private Limited and several individuals, including the late Amit Bhardwaj, identified by investigators as the alleged mastermind behind the scheme. According to the ED, the accused promoted an investment plan under the “Gain Bitcoin” banner, promising investors monthly returns of 10%.
Related: Odisha Police Dismantles India STA Crypto Scam, Exposing ₹1,000 Crore Fraud
Investigators allege that large volumes of Bitcoin were collected from the public under the pretext of being used for mining operations. Instead, the agency claims the funds were diverted and concealed through digital wallets.
Allegations involving Bitcoin transfers
As part of the probe, the ED has alleged that Kundra received 285 Bitcoins from Bhardwaj for the stated purpose of setting up a Bitcoin mining farm in Ukraine. The agency has argued that the proposed mining operation never took place and that Kundra continued to retain the digital assets. At the time referenced in the investigation, the value of the Bitcoins was estimated to exceed Rs 150 crore.
In 2025, the ED provisionally attached assets worth Rs 97.79 crore in connection with the case. These included a residential flat in Mumbai’s Juhu area registered in the name of Kundra’s wife, actor Shilpa Shetty, and a bungalow located in Pune.
In December, the court approved the ED’s request to issue a Letter of Request to authorities in the United Arab Emirates. The request seeks legal assistance to execute attachment orders related to immovable properties in the UAE that investigators allege were acquired using proceeds of the crime. The court stated that such assistance was necessary for enforcing its orders under the PMLA framework.
Related: ED Recovers ₹3 Crore Assets in Haryana Crypto Fraud Probe
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