The Economic Offences Wing (EOW) of the Mumbai Police has made a new revelation in the ongoing investigation of an alleged ₹60 crore fraud case involving Bollywood actress Shilpa Shetty and her husband, businessman Raj Kundra. Investigators have discovered that Raj Kundra reportedly transferred approximately ₹15 crore to the bank account of Shilpa Shetty's company.
The EOW is investigating a case stemming from a complaint filed by businessman Deepak Kothari. Kothari, a director at Lotus Capital Finance Services, alleges that Shetty, Kundra, and other individuals defrauded him of ₹60.4 crore through a loan-cum-investment agreement involving their now-defunct company, Best Deal TV Pvt Ltd. Kothari claims that between 2015 and 2023, the couple took money under the guise of expanding their business but instead used it for personal expenses. He states that he transferred ₹31.95 crore in April 2015 under a share subscription agreement and another ₹28.53 crore in September 2015 under a supplementary agreement to Best Deal TV's bank accounts. Kothari alleges that repeated attempts to recover the funds failed, accusing the couple of "dishonestly using" the money for personal benefit.
According to EOW sources, Shilpa Shetty may soon be summoned for questioning. Officials stated that it is crucial to determine the purpose of the ₹15 crore transfer and whether it was linked to any advertisement or legitimate business expense, as spending this amount on typical promotional activities is unusual. The investigation will also examine the basis on which Shetty's company issued such a high-value invoice.
Raj Kundra was questioned for over five hours by EOW officials on Monday. To avoid media attention, the statement was taken at a confidential location. According to PTI, EOW officials stated that Kundra would likely be summoned again the following week as more witnesses need to be verified before the next round of interrogation. As of now, no summons has been issued to Shilpa Shetty, as the EOW is still gathering evidence. Earlier this month, police issued Lookout Circulars (LOCs) against both Shetty and Kundra. An LOC is used by authorities to prevent someone from fleeing the country or to monitor their movements, alerting immigration and border officials.
Shilpa Shetty and Raj Kundra have denied the allegations, with their lawyer, Prashant Patil, calling them "baseless and malicious". Patil stated that the transactions in question are old and led to the company's financial crisis, ultimately resulting in a lengthy legal battle in the National Company Law Tribunal (NCLT). He asserted that there is no criminal case and that their auditors have submitted all necessary supporting documents, including detailed cash flow statements, to the EOW upon request.
