(Image source from: News18.com)
Businessman Raj Kundra was given bail on Friday by a special court dealing with money laundering cases in Mumbai. This decision relates to a case involving Rs 6,606 crore connected to Bitcoin. The bail comes while the Enforcement Directorate (ED) is still working on a case tied to a supposed cryptocurrency fraud. After the court's ruling, Kundra spoke to the press, expressing "Satyamev Jayate. " He added that he had complete trust in the judicial system, saying, "I have always believed in this system because I know I did nothing wrong, so it feels good that the Judiciary recognizes this and provides relief. Now, I will follow the necessary steps. "
His lawyer, Advocate Prashant Patil, mentioned that bail was granted after they presented arguments to the court. He remarked, "The ED has made charges against Raj Kundra. We believe there is no basis for these charges. Today, we filed a bail request. Raj Kundra has been appearing before the ED since 2018. There has never been a time when he didn’t cooperate with them. He was released on bail with a security amount of Rs one lakh. He must ask the court for permission if he wants to travel outside the country. "
Kundra, who is married to actress Shilpa Shetty, was present at the Sessions Court earlier in the day for the proceedings. The ED had earlier submitted another prosecution complaint regarding the large Bitcoin scam related to the Delhi-based company Variabletech Pvt Ltd (VTPL). In this complaint, Kundra and Rajesh Ram Satija were identified as accused. After reviewing the case, the special PMLA court noted that there was enough evidence to pursue charges against accused number 17 (Kundra) and accused number 18 (Satija) under Section 3, which is punishable under Section 4 of the Prevention of Money Laundering Act (PMLA). The ED reported that Kundra obtained 285 bitcoins from accused Amit Bhardwaj. According to their calculations, the value of the digital assets was Rs 150.47 crore as of April 16, 2024, based on a rate of Rs 52,79,755 per bitcoin, and it was claimed that he still holds onto them. The ED also stated that Kundra did not reveal the necessary wallet addresses or return the bitcoins during the investigation.
The agency claimed that attempts were made to disguise transactions as legitimate, including making a sale to his wife at a price much lower than the market value to hide the supposed illegal source of funds. Previously, the court noted that the prosecution complaint and case records suggest that Kundra was likely involved in money laundering, which will lead to further proceedings. The case is still under judicial review as investigations continue.
