Businessman Raj Kundra was granted bail on Friday by a special PMLA court in Mumbai in connection with the ₹6,606 crore Bitcoin-linked money laundering case. The development comes amid ongoing proceedings initiated by the Enforcement Directorate (ED) over an alleged large-scale cryptocurrency scam.
Shortly after the court’s decision, Kundra briefly addressed the media, stating, “Satyamev Jayate.” Expressing relief, he said he had always maintained faith in the judiciary. “I always had full faith in the Judiciary system. When I know that I have not done anything wrong, it’s a relief that the Judiciary notices it and gives the relief. So now, I will follow the process,” he said following the grant of bail.
Kundra’s counsel, Advocate Prashant Patil, confirmed that bail was granted after arguments were presented before the special court constituted under the Prevention of Money Laundering Act (PMLA). According to the defence, the ED had earlier filed a chargesheet against Kundra, but they contended that the document lacked merit. Patil emphasised that since 2018, Kundra has consistently appeared before the ED and cooperated with investigators whenever summoned. He further stated that there had been no instance of non-cooperation on his client’s part.
The court granted bail on a surety amount of ₹1 lakh. As part of the conditions, Kundra has been directed to seek prior permission from the court before travelling abroad. Earlier in the day, he had appeared before the Sessions Court in Mumbai as part of the ongoing legal proceedings.
The case pertains to an alleged Bitcoin scam linked to Delhi-based Variabletech Pvt Ltd (VTPL). The ED had previously filed a supplementary prosecution complaint naming Kundra and Rajesh Ram Satija among the accused. Upon taking cognisance of the complaint, the special PMLA court observed that there was sufficient material on record to proceed against accused number 17 (Kundra) and accused number 18 (Satija).
The proceedings have been initiated under Section 3 of the Prevention of Money Laundering Act, which deals with the offence of money laundering, punishable under Section 4 of the same Act. The court had earlier noted that the prosecution complaint and accompanying records prima facie indicated involvement warranting further examination during trial.
According to the ED’s allegations, Kundra received 285 bitcoins from the prime accused, Amit Bhardwaj. The agency claimed that these digital assets were valued at approximately ₹150.47 crore as of April 16, 2024, calculated at a rate of ₹52,79,755 per bitcoin. Investigators have alleged that Kundra continued to retain these bitcoins and did not disclose the relevant wallet addresses during the course of the probe.
The ED further alleged that attempts were made to layer financial transactions in order to project them as legitimate. Among the claims is that a sale transaction was executed with his wife, actor Shilpa Shetty, at a rate significantly below prevailing market value. The agency contends that such transactions were structured to conceal the alleged illicit origin of funds.
While the prosecution maintains that sufficient material exists to support the charges, the defence has consistently argued that the allegations are unfounded and that Kundra has fully cooperated with investigative authorities. The grant of bail does not amount to a finding on the merits of the case but allows the accused to remain out of custody while the matter proceeds through the judicial system.
The case remains under judicial consideration, and investigations by the Enforcement Directorate are ongoing. Further hearings and legal arguments are expected as the court continues to examine the evidence presented by both sides.
