Businessman Raj Kundra has been granted bail by a special Prevention of Money Laundering Act (PMLA) court in Mumbai in connection with the ₹150 crore GainBitcoin cryptocurrency case. The Enforcement Directorate (ED) alleges that Kundra received 285 Bitcoins linked to proceeds of crime from the alleged Ponzi scheme.
The court granted bail after Kundra appeared in response to summons issued following the ED’s supplementary chargesheet.
Key Takeaways
- Raj Kundra granted bail by Mumbai special PMLA court in GainBitcoin crypto case
- ED alleges involvement with 285 Bitcoins valued at over ₹150 crore
- Bail granted on ₹1 lakh surety with travel restrictions
- Kundra denies wrongdoing, says media has “hyped” the case
- Investigation remains ongoing under India’s money laundering laws
Court grants bail after chargesheet and summons
The special PMLA court granted bail after taking cognisance of the Enforcement Directorate’s supplementary chargesheet naming Kundra as an accused.
Kundra was not arrested during the investigation phase. However, under Indian criminal procedure, once the court proceeds on a chargesheet, the accused must appear before the court and secure bail to ensure continued participation in legal proceedings.
Upon appearing, the court granted bail on furnishing a ₹1 lakh surety bond. The bail conditions also require Kundra to obtain court permission before travelling outside India.
The court allowed bail considering that raj Kundra had cooperated with investigators and was never taken into custody during the probe.
ED alleges links to 285 Bitcoins from GainBitcoin scheme
According to the Enforcement Directorate, Kundra allegedly received 285 Bitcoins connected to the GainBitcoin scheme, which authorities describe as a large-scale crypto investment fraud.
Investigators estimate the value of these Bitcoins at more than ₹150 crore based on current market prices, highlighting the scale of the alleged financial flows.
The ED is also examining financial transactions, including property purchases and fund transfers, as part of its broader money laundering investigation.
The GainBitcoin scheme, operated by Amit Bhardwaj and related entities, allegedly promised fixed monthly returns through Bitcoin mining investments and attracted thousands of investors across India.
Authorities later concluded that the scheme displayed characteristics of a Ponzi structure.
Raj Kundra denies allegations, says case is ‘hyped’
Following the bail order, Kundra spoke to the media and denied wrongdoing, claiming the case had been exaggerated.
“Unfortunately, the media has hyped up the case. There’s nothing like that. Maybe you don’t understand legal terms, so you report whatever you can make of it,” -Kundra said.
He also expressed confidence after the court granted him relief.
“I am no longer wearing a mask because all my masks are off. It’s time to remove other people’s masks,” _Raj Kundra
Ending his remarks with a smile, he added, “Satyamev Jayate.”
His defence has maintained that he cooperated fully with investigators and that custodial interrogation was never required.
Bail does not end investigation
Legal experts note that bail is a procedural relief and does not determine innocence or guilt. The Enforcement Directorate’s investigation into GainBitcoin and related financial transactions remains ongoing.
The case continues to be one of India’s most significant cryptocurrency-linked enforcement actions, reflecting increasing scrutiny of digital asset transactions and investment schemes.
Also Read: SEC, CFTC Launch Project Crypto to Establish Unified Digital Asset Oversight
Why this case matters for crypto regulation
The GainBitcoin investigation has become a landmark case in India’s crypto enforcement landscape. It highlights the challenges regulators face in tracing cryptocurrency transactions and enforcing financial compliance.
As India strengthens crypto oversight and regulatory frameworks, cases like this are expected to influence future enforcement actions and investor protection policies.
For crypto investors and market participants, the case underscores the importance of transparency, compliance, and due diligence in digital asset investments.
Also Read: India’s New Crypto Tax Rules 2026: Section 509 Penalties & Amnesty Guide
Potaraju Ramesh
Potaraju Ramesh is the Founder and Lead Market Analyst at CoinSpectra.in, an independent digital publication focusing on cryptocurrency and Web3. Since 2017, he has been analyzing market cycles, on-chain data, and Indian regulatory frameworks. His editorial approach is built on transparency and data-driven neutrality, providing readers with the context needed to understand complex digital asset shifts.