MUMBAI: Taking cognisance of the chargesheet, a special court on Monday issued summons to businessman Ripu Sudan Kundra, popularly known as Raj Kundra, in connection with the Rs 6,600 crore “Gain Bitcoin” Ponzi scheme money laundering case.
The court directed Kundra and another accused, Rajesh Satija, to appear before it on Jan 19, 2026. The
Enforcement Directorate’s money laundering case originated from multiple FIRs registered by the Maharashtra and Delhi Police against Variable Tech Private Limited and several individuals, including now-deceased Amit Bhardwaj.
The order was delivered by special Judge RB Rote following submission of a supplementary prosecution complaint by the central agency.
Special Public Prosecutor Kavita Patil, representing the agency, presented the case during the proceedings.
In the formal order, the judge stated, “Issue process against accused No. 17 Ripu Sudan Kundra alias Raj Kundra and accused No. 18 Rajesh Ram Satija… for the offence under section 3 punishable under section 4 of the Prevention of Money Laundering Act."
The ED alleged that the promoters collected vast sums in Bitcoins from the public by promising a 10% monthly return. Instead of using thesefunds for Bitcoin mining as promised, the promoters reportedly cheated investors and concealed the assets in obscure online wallets.
According to the investigation, Kundra allegedly received 285 Bitcoins from the mastermind, Amit Bhardwaj, for the purpose of establishing a mining farm in Ukraine.
The agency claimed these Bitcoins were derived from the proceeds of crime. As the deal never materialised, the agency claimed Kundra remained in possession of these assets, which were valued at more than Rs 150 crore.
Last year, the agency provisionally attached properties worth Rs 97.79 crore, including a residential flat in Juhu held in the name of Kundra’s wife, actor Shilpa Shetty, and a bungalow in Pune.
In Dec, the judge granted the ED’s application to issue a “Letter of Request” to the Central Authority of the UAE. This formal request, submitted through Special Public Prosecutor Kavita Patil, sought legal assistance to execute attachment orders against immovable properties acquired in the UAE using the proceeds of the crime.
“This court is satisfied that for the purpose of legal assistance and the execution of orders… it is necessary to issue a letter of request to the Central Authority, United Arab Emirates for seeking legal assistance and execution of the orders,” the judge said.
Armed with a degree in political science and law, Rebecca Samerve...
Read MoreArmed with a degree in political science and law, Rebecca Samervel waltzed into journalism after a brief stint in modeling. As a reporter at The Times of India, Mumbai, she covers courts. She is a self-confessed food-a-holic. Travelling, politics and television are her passions. If you want to find her during the week the only place to look is the Bombay high court.
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