The Economic Offences Wing (EOW) of the Mumbai Police has intensified its investigation into an alleged ₹60 crore fraud case involving businessman Raj Kundra, husband of actress Shilpa Shetty. As part of the ongoing probe, the EOW has summoned an aide of Raj Kundra for questioning.

The case was registered on August 13 at Juhu Police Station following a complaint lodged by Deepak Kothari, a 60-year-old director of Lotus Capital Financial Services. Kothari alleged that between 2015 and 2023, he invested ₹60.48 crore in Best Deal TV Pvt Ltd, a home-shopping and e-commerce platform owned by Kundra and Shetty, for business expansion. Kothari claims the funds were instead diverted for personal use by the couple. He stated that he was introduced to Kundra through a mutual acquaintance and was initially promised a loan of ₹75 crore at 12% annual interest, but was later persuaded to treat the transaction as an investment with promises of higher returns and tax benefits.

Raj Kundra appeared before investigators on September 15, where he was questioned for approximately five hours. During the preliminary statement, Kundra acknowledged that nearly ₹60 crore was invested across five companies: Satyug Gold, Vihaan Industries, Essential Bulk Commodities Pvt Ltd, Best Deal, and Statement Media. Investigators suspect that these funds were diverted to related parties and used for personal expenses. Scrutiny of Kundra's bank statements revealed questionable expenses worth ₹25 crore, including ₹3.15 crore on a warehouse, ₹20 crore on broadcasts, and payments for a rented office in Matunga.

The EOW is also investigating payments linked to the five companies to trace how funds were routed. Preliminary checks revealed that approximately ₹20 crore was paid as broadcasting fees and another ₹3 crore for warehouse rent. Funds also went to Bollywood celebrities under 'celebrity fees'. The authorities are reviewing payments and records, and are also looking into equity shares allotted to the complainant without proper valuation. They have requested promotional videos featuring the celebrities for verification, but were informed that these were seized earlier in a case related to pornographic content involving Kundra. The EOW plans to seek clarification from the Crime Branch about the material.

In light of the couple's frequent international travel, a Look-Out Circular (LOC) was issued against Raj Kundra and Shilpa Shetty on September 6 to prevent them from leaving the country.

The EOW has also summoned the auditor who reviewed Best Deal TV's financial records before the company's liquidation case at the National Company Law Tribunal (NCLT). Investigators are currently tracking the money trail to determine how the ₹60.48 crore was spent.

Kundra's lawyer issued a statement claiming that the allegations are civil in nature and have been adjudicated by the NCLT Mumbai on October 4, 2024. The statement further mentioned that the company went into financial distress and became entangled in a legal battle at the NCLT.