Raj Kundra Summoned by PMLA Court after ED Files Chargesheet in GainBitcoin Case

Businessman Raj Kundra and Dubai-based associate Rajesh Satija have been summoned by a special PMLA court after the Enforcement Directorate (ED) filed a supplementary chargesheet in the high-profile GainBitcoin fraud, court records and agency filings show.

The ED’s September 2025 chargesheet alleges Kundra played a role beyond that of a mere mediator in transactions tied to the scheme and says he received 285 bitcoins from alleged mastermind Amit Bhardwaj to set up a purported mining farm in Ukraine. The agency values those coins at more than ₹150 crore and has directed Kundra to appear before the court on January 19.

The ED says documents and transaction records indicate the transfer agreement was directly between Kundra and the Bhardwaj family, contradicting Kundra’s claim that he acted only as an intermediary. Investigators also allege Kundra failed to provide wallet addresses or other records showing movement of the bitcoins, and that he cited a damaged iPhone as the reason for missing data, a point the agency says suggests concealment of proceeds.

What the ED Alleges?

The chargesheet accuses Kundra of facilitating and benefiting from proceeds of crime and alleges he used family transactions to “clean” funds derived from the alleged fraud. So far, the ED says it has identified roughly ₹802 crore as proceeds of crime linked to GainBitcoin.

The ED has already taken multiple enforcement actions in the broader probe. In April 2024 the agency attached assets in India worth nearly ₹98 crore tied to Kundra and his family, including a Mumbai flat and other properties. It has also frozen assets and pursued attachments connected to Amit Bhardwaj and related entities, citing property in Dubai and funds parked overseas. The agency says about $54 million was routed to a U.S. account held in the name of a shell company linked to the case.

Background

The GainBitcoin matter originated from complaints against Variable Tech Pte Ltd and its promoters, including Amit Bhardwaj. The ED estimates the number of alleged victims at around 8,000 and says the scheme involved soliciting investments in crypto-mining and related products that the agency now characterises as a Ponzi-style fraud. Bhardwaj, identified by investigators as a central figure, died in 2022.

Following the ED’s supplementary chargesheet, the special PMLA court has taken cognisance and summoned Kundra and Satija. Under the PMLA framework the ED can investigate money-laundering linked to predicate offences and provisionally attach property; the accused are entitled to contest the agency’s findings in court. The next hearing, on January 19, will consider the charges and any procedural or bail matters.

Next Steps

The ED says investigations are continuing and that it is collating further financial and documentary evidence, including records of overseas transfers and corporate structures used in the transactions. The agency has in past hearings sought de-freezing proposals, such as bank guarantees in lieu of frozen balances, while courts review disclosure of company financials and related entities.

The summons adds to a string of high-profile enforcement actions against alleged crypto and fintech malpractices in recent years. For Kundra, a businessman with diversified media and entertainment interests, the court appearance marks another stage in a probe that continues to attract public and regulatory scrutiny.