ED Chargesheet Leads to Court Summons in GainBitcoin Scam

PMLA court summons Raj Kundra after ED files chargesheet in GainBitcoin case

New Delhi: A special court under the Prevention of Money Laundering Act (PMLA) has summoned businessman Raj Kundra and his Dubai-based associate Rajesh Satija in connection with the GainBitcoin cryptocurrency fraud case, following the filing of a supplementary chargesheet by the Enforcement Directorate.

The court has directed both individuals to appear in person on January 19, marking a significant escalation in one of India’s most closely watched crypto-related investigations.

ED alleges receipt of 285 bitcoins

According to the supplementary chargesheet filed in September 2025, the Enforcement Directorate has alleged that Kundra received 285 bitcoins from Amit Bhardwaj, identified by investigators as the key architect of the GainBitcoin scheme. The transfer, the agency claims, was linked to plans for setting up a crypto-mining facility in Ukraine.

Based on prevailing market valuations, the ED has pegged the value of these bitcoins at over ₹150 crore. Investigators contend that the transaction was not intermediary-led but was directly negotiated between Kundra and members of the Bhardwaj family, challenging claims that Kundra merely facilitated the deal.

Missing wallet data under scrutiny

A major point of contention in the case is Kundra’s alleged failure to provide complete cryptocurrency wallet details and transaction records. The ED has stated that Kundra attributed the absence of data to a damaged mobile device, an explanation investigators have questioned.

The agency has suggested that the missing data could indicate deliberate concealment, asserting that available documentary and financial evidence points toward Kundra being a beneficiary of the proceeds rather than a passive conduit.

₹802 crore flagged as proceeds of crime

The Enforcement Directorate has told the court that it has so far identified approximately ₹802 crore as proceeds of crime linked to the GainBitcoin operation. These funds, investigators allege, were laundered through a complex web of family-linked transfers, overseas entities and shell companies.

In April 2024, the agency provisionally attached assets in India worth around ₹98 crore allegedly connected to Kundra and his family, including a residential property in Mumbai and other movable and immovable assets. Investigations have also traced about $54 million to a US-based bank account held by a shell entity allegedly linked to the case, highlighting the international dimension of the probe.

Origins of the GainBitcoin case

The GainBitcoin investigation stems from complaints against Variable Tech Pte Ltd and its promoters, who allegedly lured investors with promises of high returns through cryptocurrency mining contracts. The ED estimates that nearly 8,000 investors were affected.

Authorities describe the scheme as Ponzi-style in nature, where funds from new investors were allegedly used to pay earlier participants. Amit Bhardwaj, named by investigators as a central figure, died in 2022, but enforcement agencies maintain that the inquiry into associated individuals and financial trails is far from complete.

What happens next

After taking cognisance of the supplementary chargesheet, the PMLA court issued summons to Kundra and Satija. The upcoming January 19 hearing is expected to address procedural aspects, including the consideration of charges and potential applications by the accused.

Under the PMLA framework, individuals named in chargesheets have the right to contest the ED’s findings before the court. Legal experts note that cases of this scale often hinge on detailed financial reconstruction, document verification and asset tracing - processes that rely on rigor similar to structured auditing services in india

For now, the court’s summons signals that the GainBitcoin case has entered a decisive legal phase, with judicial scrutiny set to test the agency’s claims and the defence’s responses in the weeks ahead.