The Enforcement Directorate just dropped a chargesheet against businessman Raj Kundra, accusing him of illegally holding 285 Bitcoins worth about Rs 150 crore (around $18 million). The agency claims he got these coins from Amit Bhardwaj, the guy behind the massive GainBitcoin scam who died a few years back.
Here’s what allegedly went down: Kundra was supposed to get these Bitcoins to set up a mining farm in Ukraine and give investors huge returns. But the mining operation never happened, and Kundra apparently just kept the cryptocurrency for himself instead of returning it to investors.
What caught investigators’ attention was how Kundra could remember the exact number of Bitcoins he received across five different transactions even after seven years. The ED says this proves he was the actual beneficiary, not just some middleman like he claims to be.
Kundra’s defense has been that he was just acting as a mediator between investors and the Bhardwaj family. But the ED found a written agreement directly between him and Amit Bhardwaj’s father, which pretty much destroys that argument. They’re basically saying if you were just a mediator, why is your name on the contract?
The case gets messier because Kundra claims he can’t provide details about where the Bitcoins went since his iPhone X got damaged and he lost all the wallet information. The ED isn’t buying that excuse, especially since he’s had years to provide some kind of documentation but hasn’t come up with anything concrete.
Conclusion
The Enforcement Directorate charges Raj Kundra for holding 285 Bitcoins from the GainBitcoin scam, allegedly misusing them instead of mining. Evidence, contracts, and inconsistencies weaken his mediator defense, while his “lost iPhone” wallet excuse faces skepticism.
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