GainBitcoin Back On ED Radar, Delhi NCR Funding Report & More

The alleged INR 90,000 Cr GainBitcoin scam is back in the news. Raj Kundra, businessman and husband of actor Shilpa Shetty, has been summoned by a special PMLA court on January 19 in connection with the case. But why is he under the radar of authorities?

Beyond A Mediator: The summon follows ED filing a chargesheet last year, alleging that Kundra’s role in the scam went beyond that of a mediator. The agency claims that he earlier received 285 Bitcoins from the scam’s deceased mastermind, Amit Bhardwaj, to set up a Bitcoin mining farm in Ukraine. While the deal did not materialise, ED alleges that Kundra is still in possession of Bitcoins valued at over INR 150 Cr.

The agency also claims that Kundra managed to carry out “clean” transactions with his wife to disguise the origin of the funds obtained from alleged criminal activities.

ED On Crypto Trail: Kundra appears to have been under the scanner of the agency for some time now. In April 2024, ED attached assets, including a flat in Mumbai and a bungalow in Pune, worth INR 97.8 Cr belonging to the celebrity couple. The directorate also seized assets worth more than INR 10.63 Cr, including properties owned by Bhardwaj in Dubai, as part of the probe.

The GainBitcoin Fraud: The alleged scam was a crypto-based Ponzi scheme that started circa 2015. The scheme lured investors with promises of 10% monthly returns in Bitcoin for 18 months through “cloud mining” contracts. When new investments dried up in 2017, the operators switched payouts from Bitcoin to their in-house token MCAP (mining capital), which had significantly less value.

The scam is estimated to have defrauded around 1 Lakh victims, making it one of India’s largest cryptocurrency frauds. So, will Kundra’s court appearance unlock access to the Bitcoin wallets, or will the digital trail remain cold? Let’s find out…

India is the third-largest coconut producer globally, but discarded shells often end up as agricultural waste. However, Jaipur-based Cancrie is upcycling this rich biomass into high-performance battery components.

Patented Nanocarbon Tech: Founded in 2020, Cancrie converts coconut shell waste into components for next-generation batteries using patented technology to produce customised nanocarbons tailored for different battery chemistries. The company claims that it can improve battery life by 25-30% by reducing heat loss and improving charge efficiency.

Commercialisation & Traction: Cancrie claims to have so far sold 50,000 batteries that embed its nanocarbons. The startup is also running trials with lithium-ion, lithium-iron phosphate, and sodium-ion batteries. It is also launching paid pilots with Mercedes and completing drone pilots with lithium-ion batteries.

Eye On Exports: Backed by IIMA Ventures and SIDBI, the startup claims to have scaled its production 15X and begun exports, positioning itself as a sustainability-led player in the battery manufacturing ecosystem. But can Cancrie coconut-to-carbon playbook disrupt India’s battery materials market?

After a bumper 2025, at least 48 Indian new-age tech companies are eyeing public listings over the next 18 months. So, which startups are jumping on the IPO bandwagon?