The Mumbai Police’s Economic Offences Wing (EOW) has questioned businessman and film personality Raj Kundra in connection with a massive cheating case worth ₹60 crore.
Kundra, who is married to Bollywood actress Shilpa Shetty, gave his statement to investigators on Monday.
According to officials, this is only the first step. The police will continue examining more witnesses and cross-checking their versions before deciding on the next round of questioning, which could take place next week.
The controversy began when businessman Deepak Kothari, the director of Lotus Capital Financial Services Ltd, filed a complaint against Shilpa Shetty, Raj Kundra, and another person.
Kothari alleged that the couple tricked him into giving them large sums of money under the pretext of expanding their company, Best Deal TV Pvt Ltd.
Best Deal TV was a venture launched in 2015 that focused on lifestyle products and online shopping. Kothari claimed that Kundra and Shetty approached him the same year through a mediator. Initially, they sought a loan of ₹75 crore with an interest rate of 12 percent.
But soon after, the proposal changed. Instead of a loan, they allegedly asked him to treat the money as an investment, promising monthly returns along with the principal repayment.
Kothari stated that he trusted their word and released funds in two installments: ₹31.95 crore in April 2015 under a share subscription agreement and another ₹28.53 crore in September 2015 under a supplementary agreement.
All the money, he says, was deposited into Best Deal TV’s bank accounts.
Also Read: Lookout notice issued against Shilpa Shetty & Raj Kundra in the 60 crore fraud case
According to Kothari, despite repeated requests, the money was never returned. He alleged that instead of using the funds for business purposes, the couple diverted them for personal use.
Between 2015 and 2023, Kothari claims to have been misled and left with no option but to approach the police.
In August this year, the case was formally registered. Following this, on September 5, the Mumbai Police issued a Lookout Circular (LOC) against both Raj Kundra and Shilpa Shetty. They did this to ensure they do not leave the country while the investigation is ongoing.
The complainant’s lawyers, Dr. Yusuf Iqbal and Advocate Zain Shroff from YNA Legal, had earlier demanded issue of LOC. They argue that the scale of the fraud and the delay in repayment clearly establish the intent to cheat.
On the other hand, Shilpa Shetty and Raj Kundra’s lawyer, Prashant Patil, has strongly denied all charges. He stated that the allegations are baseless and that the couple will present their version of events before the authorities. “We will show the truth during the investigation,” Patil said.