The Economic Offences Wing (EOW) is currently investigating a ₹60 crore fraud case involving Shilpa Shetty and Raj Kundra, and new developments have emerged. Recent reports indicate that Raj Kundra allegedly transferred approximately ₹15 crore to his wife Shilpa Shetty's company. This transfer is now under scrutiny by investigating officials, who are seeking to determine the purpose of the large sum and the basis for the invoice issued by Shilpa Shetty.
The case was filed after a complaint by Deepak Kothari, director of Lotus Capital Financial Services Ltd, who alleged that he was defrauded of over ₹60 crore in a loan-cum-investment deal related to the couple's now-defunct company, Best Deal TV Pvt Ltd. Kothari claims that between 2015 and 2023, he invested funds to help expand the business, but the money was allegedly used for personal expenses. He states that in 2015, Shetty and Kundra approached him through a mediator, initially seeking a ₹75 crore loan for their company, which promoted lifestyle products and ran an online shopping platform. Later, the proposal changed, and Kothari was asked to treat the money as an investment, with promises of monthly returns and principal repayment. He alleges that despite repeated requests, the money was never returned.
Shilpa Shetty and Raj Kundra have denied all allegations, calling them baseless. Their lawyer, Prashant Patil, stated that the allegations are false and that they will present their version of events before the authorities. He added that the company went into financial distress and became entangled in a long legal battle at the National Company Law Tribunal (NCLT) and that there was no criminality involved. He also mentioned that all necessary supporting documents, including detailed cash flow statements, have been submitted to the EOW. Patil claims that the investment agreement was purely in the nature of an equity investment and that the company has already received a liquidation order, which has been placed before the police department.
Raj Kundra has already appeared before the EOW to record his statement. The EOW had also issued a lookout notice for both Raj Kundra and Shilpa Shetty, after reviewing their travel records. This was done to ensure they do not leave the country while the investigation is ongoing.
The investigation is ongoing, and the EOW is expected to summon Shilpa Shetty soon to clarify the ₹15 crore transfer. The police will continue examining witnesses and cross-checking their versions before deciding on the next steps.
