A special Mumbai court has approved bail for Raj Kundra in the Enforcement Directorate’s (ED) probe into the Gain Bitcoin Ponzi scam, rejecting inflated claims over cryptocurrency holdings. The businessman, known for his ties to Bollywood via wife Shilpa Shetty, celebrated the ruling with a strong statement of vindication.
Post-bail, Kundra faced the media spotlight: ‘No crime means no denial of liberty – bail was rightful. Divine mercy cleared the path.’ His optimism contrasted sharply with prior ordeal.
Criticizing overhyped reporting, he stated, ‘Media amplified this disproportionately. Full confidence in Indian justice: Satyamev Jayate.’ The mantra encapsulated his stance.
Addressing the no-mask controversy, Kundra mused, ‘Turbulent times clouded judgment then. I’ve shed my masks; now exposing others.’
ED’s narrative centers on 285 Bitcoins from scam kingpin Amit Bhardwaj for a Ukraine mining venture that collapsed. Prosecutors peg current value at ₹150+ crore, accusing laundering.
Kundra’s advocate Prashant Patil countered with forensic precision: ‘Value at 2017 receipt – ₹6.6 crore max. ED’s anachronistic math is unlawful.’ The court sided with this logic.
Bail terms include ₹1 lakh surety and court nod for overseas trips. This verdict challenges ED’s aggressive crypto stance amid rising blockchain litigations.
As India fortifies crypto laws post-scams, Kundra’s case exemplifies valuation disputes in virtual currencies. Future hearings could reshape precedents, with stakeholders eyeing asset recovery battles ahead.