A Mumbai court has granted bail to businessman Raj Kundra in a case linked to the GainBitcoin Ponzi scheme, a matter tied to an alleged fraud now valued at more than Rs 150 crore. The order was issued on February 20, 2026, allowing him to remain out of custody while the investigation and trial process continue.
India’s Enforcement Directorate, or ED, has been examining Kundra’s role for years. The court said there was enough prima facie material for the case to proceed to trial, but it also noted that he had been cooperating with investigators since 2018. That cooperation weighed in favor of bail, even as the prosecution moves ahead.
Dispute centers on 285 BTC and an alleged mining plan
The ED alleges that Kundra received 285 Bitcoins from GainBitcoin mastermind Amit Bhardwaj. According to investigators, those coins were meant to fund a Bitcoin mining farm in Ukraine. The agency says that project never came into existence. Based on the report, the 285 BTC are now worth more than Rs 150 crore.
Investigators have flagged several points. The ED says Kundra did not disclose the wallet addresses to which the Bitcoins were sent. He also stated that key data was lost after his iPhone X was damaged, a claim the agency views with suspicion. Authorities also cited a signed Term Sheet, which they say shows deeper involvement in the underlying transaction.
Bail terms set as money laundering probe continues
The court granted bail on a surety of Rs 1 lakh. Under the conditions, Kundra cannot leave India without prior court approval and must appear at all future hearings connected to charges under the Prevention of Money Laundering Act, or PMLA.
The ED is also reviewing the sale of flats in Juhu at unusually low prices to determine whether those deals were used for money laundering. As the case moves on, the next phase is expected to focus on technical evidence, including the destination of the digital assets, banking records, and supporting documents gathered during the probe.
After leaving court, Kundra told reporters, “Satyamev Jayate,” meaning “truth alone wins.” He said the media had exaggerated the case and maintained that he had done nothing wrong. His legal team has argued that the allegations lack merit and said it will continue to challenge the charges in higher courts.