Mumbai Police’s Economic Offences Wing (EOW) is investigating a ₹60 crore alleged financial fraud case involving actress Shilpa Shetty and her husband Raj Kundra. According to sources, during questioning, Raj Kundra told the EOW that his business suffered heavy losses due to demonetisation. In his defence, Kundra explained that his company was engaged in the trade of electrical and home appliances. However, following demonetisation, the company incurred significant losses, leading to major financial setbacks.
The case was registered following a complaint by Deepak Kothari (60), a Mumbai-based businessman and Director of Lotus Capital Financial Services. Kothari alleged that between 2015 and 2023, Shilpa Shetty and Raj Kundra borrowed money from him to expand their business but instead diverted the funds for personal use.
According to the complaint, in 2015, the couple approached Kothari through a mediator seeking a loan of ₹75 crore for their company Best Deal TV Pvt. Ltd., an online shopping platform that sold lifestyle products. The loan was initially agreed upon at a 12% annual interest rate, but later, the couple allegedly persuaded Kothari to treat the funds as an investment instead. They also assured him of regular monthly returns and repayment of the principal amount.
Under a Share Subscription Agreement, Kothari transferred ₹31.95 crore in April 2015 and an additional ₹28.53 crore under a supplementary agreement in September 2015. The funds were deposited into Best Deal TV’s official bank accounts.
During questioning, Raj Kundra told the EOW that his company suffered huge losses following demonetisation, which adversely affected their electrical and home appliances business. He maintained that the financial downfall led to the company’s inability to repay the borrowed money.
Meanwhile, according to EOW sources, Shilpa Shetty was allegedly paid endorsement fees for serving as the brand ambassador of the company. However, in her statement to investigators, she denied receiving any payment.
The EOW has questioned Shilpa Shetty for nearly four and a half hours and has recorded Raj Kundra’s statement for the second time. Officials said Kundra may be summoned again in the coming weeks as investigators continue to track the monetary trail and verify the alleged misuse of funds.