Raj Kundra has broken his silence regarding the allegations of a ₹60 crore fraud case involving him and his wife, actress Shilpa Shetty. The businessman and film producer-actor addressed the issue while in Delhi promoting his Punjabi film "Mehar".
Kundra asserted his innocence and that of his wife, stating, "Let's just wait and watch because that's life for you, and we have not said anything about it because we know we haven't done anything wrong. The truth will come out eventually. We've never done anything wrong in life, and we never will". He refrained from delving into the specifics of the case but expressed confidence that they have not acted wrongly. Kundra also mentioned that controversies often arise in his life, but he and Shetty have generally refrained from public comments.
The case was filed by Mumbai-based businessman Deepak Kothari, who alleges that between 2015 and 2023, Shetty and Kundra misused funds intended for business growth. Kothari claims the couple owned 87.6% of Best Deal TV's shares. According to Kothari, the couple initially sought a loan of ₹75 crore at a 12% interest rate. Subsequently, they allegedly requested that the funds be sent as an 'investment' to reduce taxes, promising monthly returns and repayment of the principal amount. Kothari claims to have transferred ₹31.95 crore in April 2015 and an additional ₹28.53 crore in September 2015 to Best Deal TV's bank accounts.
Shetty resigned as a director of Best Deal TV in September 2016, and the company later faced insolvency. The Economic Offences Wing (EOW) is currently investigating the financial transactions, agreements, and alleged misappropriation of funds. The Mumbai Police have issued a lookout circular against the couple. This restricts their international travel while the investigation is ongoing.
In response to the allegations, Shetty and Kundra's lawyer, Advocate Prashant Patil, released a statement asserting that the allegations are purely civil in nature and have already been adjudicated by the NCLT Mumbai on October 4, 2024. The statement further claimed that the company went into financial distress, leading to a legal battle at the NCLT, and that there was no criminal intent involved. The legal team also stated that all necessary supporting documents, including detailed cash flow statements, have been submitted to the EOW. They maintain that the investment agreement was purely an equity investment and that the case is baseless and malicious.
