GainBitcoin Cryptocurrency Scam and Raj Kundra’s Involvement
The GainBitcoin cryptocurrency scam has caught significant attention as the Enforcement Directorate (ED) advances its investigation. A special PMLA court in Mumbai has reportedly summoned businessman Raj Kundra after acknowledging the agency’s supplementary chargesheet. Reports indicate that Kundra has been called to appear in court on January 19, 2026.
This recent development is part of the ED’s ongoing efforts to delve into the GainBitcoin scheme, which is known as a Bitcoin-based Ponzi operation allegedly orchestrated by Amit Bhardwaj, who passed away in January 2022, along with his brother Vivek Bhardwaj. It is believed that the scheme has defrauded investors of thousands of crores.
The agency has accused Kundra of benefiting from the proceeds generated by this scam. Reports suggest that he allegedly received 285 Bitcoins in 2017 from the primary accused to establish a Bitcoin mining operation in Ukraine. However, investigators have pointed out that the proposed project never materialised. Furthermore, the ED has claimed that Kundra did not provide wallet addresses or adequate documentation to substantiate his assertion that he merely acted as a facilitator in the transaction.
According to the ED, Kundra exercised significant control over the Bitcoins, which categorises him as a “beneficial owner” under the Prevention of Money Laundering Act. At current market values, the Bitcoins involved are estimated to be worth over Rs 150 crore.
Previously, the ED provisionally attached assets valued at over Rs 97 crore linked to Kundra, including a residential property in Mumbai and cryptocurrency holdings, as part of the ongoing investigation. Kundra has maintained his innocence and stated that he was unaware of the fraudulent nature of the GainBitcoin scheme.
This court summons represents a critical step in the ED’s extensive crackdown on financial crimes associated with cryptocurrencies. The GainBitcoin case continues to be one of India’s largest investigations into cryptocurrency fraud, involving numerous accused parties and multiple attachment orders issued across recent years.
