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 by the Enforcement Directorate (ED) against Kundra and another accused, Dubai-based businessman Rajesh Satija. The two individuals have been asked to appear before the court on January 19.
The ED had filed the chargesheet against Kundra and Satija in September 2025, accusing them of being involved in a Ponzi scam that involved the use of Bitcoins. According to the ED, Kundra had 285 Bitcoins worth over ₹150 crore, which were allegedly used to perpetuate the scam. The agency had launched an investigation into the matter after receiving complaints from several investors who had been duped by the scam.
The ED’s investigation revealed that the scam was operated by a company called Flintstone Group, which had promised investors high returns on their investments in Bitcoins. However, the company had no intention of paying back the investors and had instead used the money to fund its own operations and pay off earlier investors. This is a classic example of a Ponzi scheme, where returns are paid to existing investors from funds contributed by new investors, rather than from profit earned.
The ED’s chargesheet against Kundra and Satija alleges that they were involved in the scam and had used their influence and connections to lure investors into putting their money into the scheme. The agency has also accused them of money laundering and violating the provisions 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 prosecute them. The two individuals will now have to appear before the court on January 19 and respond to the charges against them. If convicted, they could face severe penalties, including imprisonment and fines.
The Bitcoin scam case has raised concerns about the lack of regulation in the cryptocurrency market in India. While the government has taken steps to regulate the market, there is still a lack of clarity on the legal status of cryptocurrencies like Bitcoin. This has created an environment in which scams like the one allegedly operated by Kundra and Satija can thrive.
The ED’s investigation into the Bitcoin scam case is part of a larger crackdown on cryptocurrency-related scams in India. The agency has been working to identify and prosecute individuals and companies involved in such scams, and has made several arrests in recent months.
In addition to the ED, other law enforcement agencies in India are also investigating cryptocurrency-related scams. The police have arrested several individuals in connection with such scams, and have frozen several bank accounts and assets linked to the scams.
The Bitcoin scam case has also raised questions about the role of celebrities in promoting cryptocurrencies. Several Bollywood celebrities, including Shilpa Shetty, have promoted cryptocurrencies like Bitcoin in the past. While there is nothing wrong with promoting legitimate investment opportunities, celebrities must be careful not to promote scams or unregistered investment schemes.
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 chargesheet against Kundra and Satija alleges that they were involved in a Ponzi scam that used Bitcoins to dupe investors. The case highlights the need for greater regulation in the cryptocurrency market in India, and the importance of law enforcement agencies taking action against scams and unregistered investment schemes.
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