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PMLA court summons Raj Kundra after ED chargesheet in GainBitcoin probe

EntrackrEntrackr · 5d ago
PMLA court summons Raj Kundra after ED chargesheet in GainBitcoin probe
Medial

A PMLA court in Mumbai reportedly issued a summons to businessman Raj Kundra after taking cognisance of the agency’s supplementary chargesheet. The Enforcement Directorate (ED) has moved a step forward in its probe into the GainBitcoin cryptocurrency scam. Kundra has been asked to appear before the court on January 19, 2026. The development is part of the ED’s ongoing investigation into the GainBitcoin scheme, a Bitcoin-based Ponzi operation allegedly run by Amit Bhardwaj, who died in January 2022, and his brother Vivek Bhardwaj. The scheme is estimated to have defrauded investors of thousands of crores. The agency has reportedly accused Kundra of being a beneficiary of proceeds generated through the scam. Kundra allegedly received 285 Bitcoins in 2017 from the main accused for setting up a Bitcoin mining operation in Ukraine. However, investigators have reportedly stated that the proposed project did not take off. The agency has further claimed that Kundra failed to furnish wallet addresses or sufficient documentary proof to support his claim that he acted only as a facilitator in the transaction. The ED has reportedly maintained that Kundra exercised control over the Bitcoins, making him a “beneficial owner” under the Prevention of Money Laundering Act. At current market prices, the Bitcoins in question are estimated to be worth over Rs 150 crore. ED had earlier provisionally attached assets worth over Rs 97 crore linked to Kundra, including a residential property in Mumbai and cryptocurrency holdings, as part of the same investigation. Kundra has denied any wrongdoing and has reportedly stated that he was unaware of the fraudulent nature of the GainBitcoin scheme. The court summons marks another key development in the ED’s broader crackdown on crypto-related financial crimes. The GainBitcoin case continues to remain one of India’s largest cryptocurrency fraud probes, with multiple accused and several attachment orders issued over the years.

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GainBitcoin Scam: Mastermind’s wife falls in ED’s trap as multi-agency pursuit intensifies

Inc42Inc42 · 2y ago
GainBitcoin Scam: Mastermind’s wife falls in ED’s trap as multi-agency pursuit intensifies
Medial

The Enforcement Directorate (ED) has arrested Simpy Bhardwaj, the spouse of Ajay Bhardwaj, a key figure in the GainBitcoin cryptocurrency scam. Simpy Bhardwaj was apprehended for her alleged involvement in enticing investors with false promises of high returns and defrauding the public. This development comes after the Supreme Court ordered the consolidation of all FIRs related to the scam for investigation by the Central Bureau of Investigation (CBI). The ED's ongoing investigation has led to the seizure of assets worth INR 69 crores (approximately $9.3 million) so far. GainBitcoin is known as one of the largest global Ponzi schemes, causing significant financial losses to around 100,000 investors.

ED freezes Rs 192 Cr linked to WinZO subsidiary in money laundering probe

EntrackrEntrackr · 10d ago
ED freezes Rs 192 Cr linked to WinZO subsidiary in money laundering probe
Medial

News All Stories ED freezes Rs 192 Cr linked to WinZO subsidiary in money laundering probe Last month, ED arrested WinZO co-founders Paavan Nanda and Saumya Singh Rathore after search and seizure operations at company premises and residences. Shashank Pathak 01 Jan 2026 20:46 IST Follow Us The Directorate of Enforcement has frozen assets worth around Rs 192 crore classified as Proceeds of Crime (POC) belonging to Zo Games Pvt Ltd, a wholly owned Indian subsidiary of WinZO Pvt Ltd, after conducting a search operation under the Prevention of Money Laundering Act. The assets were frozen in the form of bank balances, fixed deposits, and mutual funds, the ED said in a press release. The agency stated that evidence pointed to deceptive gaming practices on the WinZO platform, where users were made to play real money games against bots and algorithm-driven personas without disclosure. The probe also found that withdrawals of user funds were restricted or prevented in certain cases. So far, the ED has identified total Proceeds of Crime of around Rs 802 crore in the case. Earlier, in November 2025, the ED arrested WinZO co-founders Paavan Nanda and Saumya Singh Rathore after search and seizure operations at company premises and residences. These actions followed the freeze of assets worth over Rs 505 crore under the PMLA. The assets included bank balances, fixed deposits, mutual funds, and other financial instruments linked to the company and its related entities. The investigation is based on multiple FIRs and hundreds of user complaints that allege manipulation of gameplay, misuse of customer data, non-refund of user funds, and continuation of real money gaming activities despite regulatory restrictions. Investigators said user funds remained with the platform even after restrictions on real money gaming came into force. The ED has also flagged overseas fund movements, with part of the alleged Proceeds of Crime routed to the US and Singapore as overseas investments. Funds worth $54 million were found parked in a US bank account held by WINZO US Inc. The WinZO case forms part of a wider enforcement phase in 2025. During the year, the ED initiated action against startup-origin companies such as Dream11, Gameskraft, Probo, Paytm, Myntra, Simpl, and OctaFX under money laundering, FEMA, and foreign-exchange related probes.

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