New Delhi | January 6, 2026: In a significant development in the high-profile GainBitcoin cryptocurrency fraud case, a special PMLA court has summoned businessman Raj Kundra and his Dubai-based associate Rajesh Satija after the Enforcement Directorate (ED) filed a supplementary chargesheet in the matter. The court has directed both individuals to appear in person on January 19.
Court records and agency filings indicate that the summons follows the ED’s assessment that Kundra’s role in the alleged fraud went beyond that of a mere intermediary. The agency has described him as a “beneficial owner” of proceeds of crime, a classification that carries serious implications under India’s anti-money laundering framework.
Final Call: FCRF Opens Last Registration Window for GRC and DPO Certifications
Allegation of receiving 285 bitcoins
According to the ED’s chargesheet filed in September 2025, investigators allege that Raj Kundra received 285 bitcoins from Amit Bhardwaj, identified by the agency as the mastermind behind the GainBitcoin scheme. The bitcoins were allegedly transferred to facilitate the establishment of a purported crypto-mining farm in Ukraine.
The ED has valued these bitcoins at over ₹150 crore based on prevailing market prices. Crucially, investigators claim the transfer agreement was directly between Kundra and the Bhardwaj family, contradicting Kundra’s assertion that he acted only as a mediator in the transaction.
Questions over missing wallet data
The agency has also raised questions over Kundra’s failure to provide key crypto wallet addresses and transaction records. According to the ED, Kundra cited a damaged iPhone as the reason for being unable to produce data related to the movement of the bitcoins.
Investigators have treated this explanation with scepticism, suggesting it may point to an attempt to conceal the proceeds of crime. The chargesheet states that available documents and financial trails indicate Kundra’s involvement as a beneficiary of the scheme rather than a facilitator acting on behalf of others.
ED claims ₹802 crore identified as proceeds of crime
So far, the ED says it has identified approximately ₹802 crore as proceeds of crime linked to the GainBitcoin fraud. The agency alleges that these funds were routed through multiple channels, including family-linked transactions, overseas accounts and shell companies, in an effort to launder illicit gains.
In April 2024, the ED attached assets in India worth nearly ₹98 crore connected to Kundra and his family. These included a residential flat in Mumbai and other movable and immovable properties. Enforcement action has also been taken against assets linked to Bhardwaj and associated entities abroad.
According to the ED, around $54 million was routed to a US-based bank account held in the name of a shell company allegedly connected to the case, underscoring the cross-border nature of the alleged laundering network.
Background of the GainBitcoin scam
The GainBitcoin case originated from complaints against Variable Tech Pte Ltd and its promoters. The ED estimates that around 8,000 investors were affected by the scheme, which involved soliciting funds on the promise of high returns through crypto-mining and related products.
Investigators now characterise the operation as a Ponzi-style fraud, where funds from new investors were allegedly used to pay earlier participants. Amit Bhardwaj, described by the agency as a central figure in the scheme, died in 2022, but authorities say the investigation into the broader network continues.
Legal process ahead
After taking cognisance of the supplementary chargesheet, the special PMLA court issued summons to Kundra and Satija. Under the Prevention of Money Laundering Act (PMLA), the ED is empowered to investigate laundering linked to predicate offences and to provisionally attach assets suspected to be derived from criminal activity.
The accused have the right to contest the agency’s findings before the court. The January 19 hearing is expected to address issues related to the framing of charges, procedural compliance and possible bail applications.
