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 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 possessing 285 Bitcoins worth over ₹150 crore in a Ponzi scam case, and the court has now asked both Kundra and Satija to appear before it on January 19.
The ED had filed the chargesheet against Kundra and Satija in September 2025, alleging that they were involved in a large-scale Bitcoin scam. According to the ED, Kundra had acquired 285 Bitcoins, which were worth over ₹150 crore at the time, through a Ponzi scheme. A Ponzi scheme is a type of investment scam in which returns are paid to existing investors from funds contributed by new investors, rather than from profit earned. The scheme eventually collapses when the number of new investors dwindles, causing financial losses to the existing investors.
The ED’s investigation into the Bitcoin scam case began in 2020, when it received complaints from several investors who had lost money in the scheme. The agency’s probe revealed that Kundra and Satija were among the key players in the scam, and that they had used the Bitcoins to launder money and fund their own business ventures. The ED also alleged that Kundra had used his connections with Satija and other accused individuals to acquire the Bitcoins and transfer them to his own wallet.
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 prosecute them. The ED’s chargesheet had alleged that Kundra and Satija had committed offences under the Prevention of Money Laundering Act (PMLA), which carries a maximum penalty of seven years in prison and a fine of up to ₹5 lakh.
Kundra’s involvement in the Bitcoin scam case has raised eyebrows, given his high-profile status as a businessman and the husband of a Bollywood actress. The 47-year-old businessman has been involved in various ventures, including a chain of gyms and a production company. However, his business dealings have also been the subject of controversy in the past, with allegations of fraud and money laundering.
The Bitcoin scam case has also highlighted the risks associated with investing in cryptocurrencies, particularly in India. The Indian government has been cautious about regulating cryptocurrencies, and the Reserve Bank of India (RBI) has warned investors about the risks of investing in virtual currencies. However, the lack of clear regulations has created a grey area, which has been exploited by scammers and fraudsters.
The ED’s investigation into the Bitcoin scam case is part of a larger crackdown on money laundering and financial crimes in India. The agency has been actively pursuing cases involving cryptocurrencies, and has arrested several individuals and companies for their involvement in such schemes. The ED’s efforts are aimed at protecting investors and preventing the misuse of cryptocurrencies for illicit activities.
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 ED’s allegations against Kundra and Satija are serious, and the court’s decision to take cognisance of the chargesheet indicates that there is sufficient evidence to prosecute them. The case highlights the risks associated with investing in cryptocurrencies and the importance of regulating such investments to prevent scams and financial crimes.
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