The Economic Offences Wing (EOW) of Mumbai Police has issued summons to businessman Raj Kundra in connection with a ₹60 crore fraud case. The summons comes days after the EOW registered an FIR against Kundra and his wife, actor Shilpa Shetty, on charges of cheating businessman Deepak Kothari. The agency has already issued a Look Out Circular (LOC) against the couple.
According to EOW sources, Raj Kundra was initially called for questioning on Wednesday. However, he requested to appear before investigators on Monday instead, a request that was accepted by the police. An officer said Kundra has been asked to bring bank statements, copies of financial documents, and details of employees who worked in his office during the period under probe.
Officials are investigating how Kundra allegedly used the ₹60 crore received from Kothari.
Police sources revealed that during the preliminary inquiry, Raj Kundra and Shilpa Shetty were summoned thrice but failed to appear, claiming they were abroad at the time. Instead, they had sent their attorney.
The case was filed on 14 August 2025 by Juhu-based businessman Deepak Kothari, who accused the couple of misusing funds. Kothari alleged that between 2015 and 2023, he provided ₹60.48 crore to the couple for business expansion, but the money was allegedly diverted for personal use.
Kothari said he first met Kundra and Shetty in 2015 through an agent, Rajesh Arya, when the couple was serving as directors of Best Deal TV. At the time, Shilpa Shetty reportedly held over 87% stake in the company. During discussions, the couple sought a ₹75 crore loan at 12% annual interest.
Later, they allegedly suggested showing the amount as “investment” instead of loan to avoid tax complications, assuring Kothari of regular returns. Based on this, Kothari transferred ₹31.95 crore in April 2015, followed by another ₹28.54 crore between July 2015 and March 2016. He also paid ₹3.19 lakh towards stamp duty.
In April 2016, Shilpa Shetty reportedly gave a personal guarantee, but by September that year, she resigned from her position as company director. Subsequently, the company defaulted on a ₹1.28 crore debt, which Kothari claims he was unaware of. Despite repeated demands, neither the principal amount nor returns were repaid.
Initially, Juhu Police registered a case of cheating and forgery. Given the magnitude of the fraud exceeding ₹10 crore, the matter was later transferred to the Economic Offences Wing for investigation.