Market News

Court Grants Bail to Raj Kundra in High-Profile Bitcoin Scam

In a significant development in India’s crypto landscape, a Mumbai court has granted bail to businessman Raj Kundra.

This decision comes in the wake of the ongoing investigation into the ₹150 crore fraud linked to the "GainBitcoin" Ponzi scheme.

The court's ruling allows Kundra to remain free while the investigation continues, despite accusations of receiving 285 Bitcoins for a non-existent mining project.

The Enforcement Directorate (ED) claims that these Bitcoins, valued at over ₹150 crore today, serve as crucial evidence against him.

Kundra has faced scrutiny for allegedly failing to disclose important data regarding these transactions, and for claiming that he lost relevant evidence due to a damaged phone.

Bail was granted under strict conditions, including limitations on travel and mandatory appearances in court.

As Kundra departed, he expressed confidence in his innocence, arguing that the media has exaggerated the case.

The implications of this high-profile case may influence future regulatory measures concerning cryptocurrency fraud in India.

Experts suggest that the ongoing legal battle will set a significant precedent for how authorities deal with similar cases moving forward.

The crypto community is watching closely as the trial progresses, given its potential impact on investor protection and the enforcement of crypto regulations in the country.