Raj Kundra summoned by court in ₹150-crore Bitcoin scam case
In a significant development, a special court has summoned businessman Raj Kundra, the husband of Bollywood actress Shilpa Shetty, in connection with a ₹150-crore Bitcoin scam case. The court’s decision comes after taking cognizance of the chargesheet filed against Kundra by the Enforcement Directorate (ED). The ED had accused Kundra of having 285 Bitcoins worth over ₹150 crore in a Ponzi scam case.
The case against Kundra and others was registered by the ED in September 2025, under the Prevention of Money Laundering Act (PMLA). The agency had alleged that Kundra, along with Dubai-based businessman Rajesh Satija, was involved in a Ponzi scheme that duped numerous investors of their hard-earned money. The scheme, which promised unusually high returns to investors, was allegedly used to launder money and accumulate wealth.
The ED’s investigation revealed that Kundra had acquired 285 Bitcoins, which were worth over ₹150 crore at the time of the investigation. The agency alleged that Kundra had used these Bitcoins to launder money and fund his other business ventures. The ED also alleged that Kundra had failed to disclose the source of his income and had not paid taxes on the gains made from the Bitcoin transactions.
The court’s decision to summon Kundra and Satija is a significant development in the case. The two businessmen have been asked to appear before the court on January 19, where they will be required to respond to the charges leveled against them. The court’s decision to take cognizance of the chargesheet filed by the ED is an indication that the agency has sufficient evidence to proceed with the case against Kundra and Satija.
The Bitcoin scam case against Kundra and Satija is a complex one, involving multiple parties and transactions. The ED’s investigation has revealed that the scam was perpetuated through a network of agents and brokers, who promised investors high returns on their investments. The investors were allegedly lured into the scheme with promises of unusually high returns, which were never paid.
The case against Kundra and Satija is also significant because it highlights the risks associated with investing in cryptocurrencies like Bitcoin. While Bitcoin has gained popularity in recent years, it remains a highly volatile and unregulated market. Investors who put their money into Bitcoin and other cryptocurrencies do so at their own risk, and there is no guarantee of returns.
The ED’s investigation into the Bitcoin scam case is ongoing, and the agency is expected to file additional chargesheets against other accused persons in the coming weeks. The case is being closely watched by the financial community, as it has significant implications for the regulation of cryptocurrencies in India.
In recent years, the Indian government has taken a tough stance on cryptocurrencies, with the Reserve Bank of India (RBI) banning banks from dealing with companies that trade in cryptocurrencies. The government has also set up a committee to study the feasibility of regulating cryptocurrencies in India.
The case against Kundra and Satija is a reminder that the Indian authorities are serious about cracking down on financial crimes, including those involving cryptocurrencies. The ED’s investigation into the Bitcoin scam case is an example of the agency’s efforts to track down and prosecute those who engage in financial wrongdoing.
In conclusion, the court’s decision to summon Raj Kundra in the ₹150-crore Bitcoin scam case is a significant development in the investigation. The case highlights the risks associated with investing in cryptocurrencies and the need for regulatory oversight to prevent financial crimes. As the investigation continues, it will be interesting to see how the case unfolds and what implications it has for the regulation of cryptocurrencies in India.
About the Author
