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, to appear before it in connection with a ₹150-crore Bitcoin scam case. The court’s decision comes after it took cognisance of the chargesheet filed by the Enforcement Directorate (ED) against Kundra and another accused, Dubai-based businessman Rajesh Satija. The ED had accused Kundra of having 285 Bitcoins worth over ₹150 crore in a Ponzi scam case, which was uncovered in September 2025.
The chargesheet filed by the ED alleged that Kundra and Satija were involved in a complex web of financial transactions, which included the use of cryptocurrencies like Bitcoin to launder money. The ED claimed that the accused had used the Bitcoins to invest in various schemes, including a Ponzi scheme, which promised unusually high returns to investors. The scheme, which was operated by a company called BitConnect, had promised investors a return of 40% per month, which is an unusually high rate of return.
The ED’s investigation revealed that Kundra had invested a significant amount of money in the scheme, which was later found to be a Ponzi scheme. The agency alleged that Kundra had used his influence and connections to promote the scheme and had earned a substantial amount of money through commissions and other incentives. The ED also alleged that Kundra had failed to disclose his investments in the scheme to the authorities, which is a violation of the Prevention of Money Laundering Act (PMLA).
The court’s decision to summon Kundra and Satija is a significant development in the case, as it indicates that the ED has sufficient evidence to proceed with the prosecution. The court has asked Kundra and Satija to appear before it on January 19, when the case will be heard. The ED has also asked the court to issue a non-bailable warrant against Satija, who is currently based in Dubai.
The Bitcoin scam case has been making headlines in recent months, with several high-profile individuals being accused of involvement in the scheme. The case has also raised concerns about the use of cryptocurrencies in India, with many experts warning about the risks associated with investing in these assets. The Indian government has been taking steps to regulate the use of cryptocurrencies, including the introduction of a new law that seeks to ban private cryptocurrencies in the country.
The case against Kundra and Satija is likely to have significant implications for the use of cryptocurrencies in India. The ED’s investigation has revealed that the accused had used cryptocurrencies to launder money and had invested in schemes that were not authorized by the authorities. The case has also highlighted the need for greater regulation and oversight of the cryptocurrency market in India, which has been growing rapidly in recent years.
In recent years, there have been several cases of cryptocurrency scams and frauds in India, with many investors losing significant amounts of money. The government has been taking steps to crack down on these scams, including the introduction of new laws and regulations. The case against Kundra and Satija is likely to be a test case for the authorities, as it will determine how effectively they can investigate and prosecute cases involving cryptocurrencies.
The use of cryptocurrencies like Bitcoin has been growing rapidly in India, with many investors seeing them as a lucrative investment opportunity. However, the lack of regulation and oversight has made it difficult for investors to distinguish between legitimate and illegitimate schemes. The case against Kundra and Satija has highlighted the risks associated with investing in cryptocurrencies, particularly in schemes that promise unusually high returns.
In conclusion, the court’s decision to summon Raj Kundra and Rajesh Satija in the ₹150-crore Bitcoin scam case is a significant development in the investigation. The case has highlighted the risks associated with investing in cryptocurrencies and the need for greater regulation and oversight of the market. The outcome of the case will be closely watched, as it will determine how effectively the authorities can investigate and prosecute cases involving cryptocurrencies.
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