A special PMLA court has issued summons to businessman Raj Kundra and Dubai-based Rajesh Satija in the Gain Bitcoin scam case. Both are directed to appear on January 19 following charges filed by the ED.
A special court dealing with Prevention of Money Laundering Act (PMLA) cases has summoned businessman Raj Kundra in connection with the Gain Bitcoin Ponzi scam. Alongside him, Dubai-based businessman Rajesh Satija has also been directed to appear before the court on January 19. Both were named as accused in a supplementary chargesheet filed by the Enforcement Directorate (ED) in September last year.
The ED has alleged that Kundra received 285 Bitcoins from Amit Bhardwaj, identified as the mastermind and promoter of the Gain Bitcoin scheme, for establishing a Bitcoin mining farm in Ukraine. Since the project did not materialise, the agency claimed Kundra still holds the Bitcoins, currently valued at over Rs 150 crore.
Beneficial owner or mediator?
The chargesheet states that Kundra had claimed to act only as a mediator, but did not provide any documentary proof supporting this claim. Instead, an agreement titled "Term Sheet" reportedly shows the transaction was directly between Kundra and Mahendra Bhardwaj, Amit Bhardwaj’s father. The ED concluded that Kundra was the actual recipient of the Bitcoins and not a mediator.
Investigators also highlighted that Kundra could recall the exact number of Bitcoins received in five separate tranches over seven years, reinforcing his status as the beneficial owner. Despite repeated opportunities since 2018, Kundra has failed to provide the wallet addresses for the Bitcoins, citing damage to his iPhone X. The ED views this as a deliberate attempt to conceal evidence and the proceeds of crime.
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