Businessman Raj Kundra has got bail from Mumbai’s special PMLA court in the Bitcoin scam case. Raj Kundra appeared with his lawyer during the hearing in the court. During the hearing, the court granted him bail, but for this he will have to pay a bond of Rs 1 lakh. Also, permission will have to be taken from the court to go out of the country. He cannot go out of the country without permission. In September 2025, ED had made Raj Kundra an accused by filing a supplementary charge sheet in the special court in the cases registered under PMLA.
According to the investigating agency, Amit Bhardwaj, the mastermind and promoter of the Gain Bitcoin Ponzi scam, had given 285 Bitcoins to Raj Kundra to set up a Bitcoin mining farm in Ukraine. Although the deal could not be completed, ED claims that 285 bitcoins are still with Raj Kundra, whose current value is said to be more than Rs 150 crore.
Raj Kundra’s lawyer Prashant Patil questioned the ED’s claims and said that the ED alleges that Raj Kundra had received 285 bitcoins in July 2017. At that time the total value of 285 bitcoins was around 10 lakh US dollars, which is around Rs 6.6 crore in Indian currency. That is, the value of Bitcoin was the same at the time of the alleged transaction.
The lawyer said that the ED adopted a completely different and arbitrary approach in this case. He based the Bitcoin price on April 16, 2024, ignoring the July 2017 price. On that date, the price of one bitcoin was around Rs 52 lakh and on this basis, the price of 285 bitcoins was shown to be around Rs 150 crore.
Prashant Patil called this method wrong and against the law. He said that in any case the evaluation should be done at the same time price. If the price of one Bitcoin was only Rs 1 on April 16, 2024, would the ED have seized assets worth only Rs 285? Or if the price of Bitcoin had gone to zero, would the ED not have attached any assets? ED cannot take advantage of market fluctuations as per its convenience.
The lawyer said that the correct date in law can be considered to be the date when the proceeds of the alleged crime were generated, i.e. July 2017. If we look at it accordingly, the maximum amount would be only Rs 6.6 crore. In such a situation, attaching assets worth Rs 150 crore is an arbitrary attitude of ED.
Prashant Patil said that Raj Kundra has been continuously appearing before the ED since 2018 and has been cooperating in the investigation. Now after getting bail, he is considering approaching the High Court to challenge the summons issued in this case.
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