Kundra was recently granted bail by a special Prevention of Money Laundering Act (PMLA) court in Mumbai. This relief comes amidst the ongoing investigation into an alleged ₹150 crore Bitcoin Ponzi scheme. Kundra appeared before Special Judge R.B. Rote following a summons issued in January after the Enforcement Directorate (ED) filed a supplementary chargesheet naming him as an accused.
Bail Conditions
While granting bail, the court imposed specific conditions to support Kundra in the ongoing proceedings:
- Surety: Kundra was required to provide a personal bond and surety of ₹1 lakh.
- Before traveling outside India, the businessman will need the court's permission.
- Judicial Cooperation: As the trial proceeds, he is required to return to court for future proceedings.
The "Satyamev Jayate" Response
When Kundra walked out of the courtroom without the face mask that used to be his trademark, he appeared cheerful. When asked by reporters about the development, he said, "Satyamev Jayate" (Truth alone triumphs). In a light-hearted manner, he quipped: "My wife does not let me speak at home and my lawyer does not allow me to speak in court," and refused further comments on the case's merits.
Why is Raj Kundra Under Investigation?
The case stems from a massive cryptocurrency scam: Gain Bitcoin Ponzi, masterminded by the late Amit Bhardwaj. It was stated by the ED during its inquiry:
- Proceeds of Crime: Kundra allegedly received 285 Bitcoins from Bhardwaj in 2017, intended to be turned into a Bitcoin mining farm in Ukraine that never materialized.
- Current Valuation: While the initial transaction was much lower in value, the ED now estimates that today's Bitcoins are valued at over ₹150 crore.
- Mediator Claim: Kundra has maintained that he acted only as a "mediator" in his role. However, the ED contends that, at least as a “beneficial owner,” Kundra concealed wallet addresses and attempted to layer the funds through real estate transactions involving his wife.
Kundra’s Defense
Kundra’s attorneys, led by Prashant Patil, maintained that Kundra has fully cooperated with the police since 2018 and has appeared for questioning at least six times. They also indicated in their statement that because the ED held no charge against him in the multi-year case and all relevant documents are already in its possession, custodial interrogation was not only unnecessary but completely avoidable.
