The Enforcement Directorate (ED) has filed a chargesheet against businessman Raj Kundra in connection with the multi-crore Bitcoin Ponzi scheme allegedly masterminded by late cryptocurrency promoter Amit Bhardwaj. The probe agency has alleged that Kundra was not merely a facilitator, as he claims, but a direct beneficiary of the fraudulent transactions.
According to the chargesheet submitted before a special Prevention of Money Laundering Act (PMLA) court, Kundra is accused of holding 285 Bitcoins—currently valued at over ₹150 crore—that he received from Bhardwaj. The agency maintained that Kundra deliberately withheld crucial information, including wallet addresses, and failed to return the Bitcoins despite repeated opportunities since 2018.
Allegations of Concealment and Laundering
The ED alleged that Kundra attempted to disguise the source of the funds by engaging in financial transactions with his wife, actor Shilpa Shetty, at prices “far below market rate.” These transactions, investigators claimed, were aimed at projecting the illicit proceeds as legitimate.
“Kundra’s actions amount to layering of proceeds of crime to frustrate legal proceedings under PMLA,” the chargesheet stated.
The agency further alleged that despite being questioned multiple times, Kundra cited technical issues—such as the reported damage to his iPhone X—to justify his inability to provide wallet details. The ED, however, dismissed this explanation as a deliberate attempt to conceal digital evidence.
Bitcoin Mining Farm in Ukraine
The case traces back to the infamous Gain Bitcoin scam run by Amit Bhardwaj and his family members through Variable Tech Pvt. Ltd. Bhardwaj, who passed away in 2022, along with his brothers Ajay and Vivek, and other associates, allegedly duped investors by promising high returns from Bitcoin mining.
Investigators said that Kundra was given 285 Bitcoins by Bhardwaj to set up a mining farm in Ukraine. Since the project never materialised, Kundra continues to remain in possession of the Bitcoins, which are now worth over ₹150 crore.
Disputed Role of Mediator
Kundra has maintained that he acted merely as a mediator in the transaction. However, the ED countered this claim, citing a “Term Sheet” agreement signed between him and Mahender Bhardwaj, father of Amit Bhardwaj.
“The agreement clearly shows Kundra was a direct party to the deal and not an intermediary as he portrays. The fact that he recalls the precise number of Bitcoins received in five separate instalments nearly seven years later further establishes his role as the beneficial owner,” the chargesheet noted.
