Mumbai, September 16 — Businessman Raj Kundra was grilled for more than five hours on Monday by the Economic Offences Wing (EOW) of Mumbai Police in connection with a ₹60 crore fraud case. The probe is centred on alleged financial irregularities linked to his company Best Deal TV Pvt Ltd.
Officials said the questioning focused on bank statements, financial flows, and equity allocations in the company. Investigators are examining whether money invested by complainant Deepak Kothari, a director at Lotus Capital Finance Services, was diverted for personal expenses instead of being used for business purposes.
Kothari claims he invested about ₹60.4 crore between 2015 and 2023 under a loan-cum-investment agreement, but the promised returns never materialised. He has accused Kundra, his firm, and his wife Shilpa Shetty of cheating and misappropriation.
Five-Hour Interrogation
Sources said Kundra was asked to explain large transactions, including payments to other firms such as Satyug Gold, Vihaan Industries, Essential Bulk Commodities Pvt Ltd, Best Deal, and Statement Media. Officials are reviewing whether expenses shown as broadcasting fees, warehouse rent, and celebrity payments were genuine.
“Kundra’s statement has been recorded. He has provided explanations for several entries, but documents are being cross-verified,” an EOW officer said.
Shilpa Shetty’s Role
Actress Shilpa Shetty, who was once a director at Best Deal TV, has also been named in the FIR but has not yet been summoned. Investigators are examining whether she received any payments or held responsibilities that could link her to the alleged fraud.
“Her role is under scrutiny. At present, no summons have been issued, but she may be questioned if evidence suggests her involvement,” the officer added.
The Complaint
The FIR has been registered under IPC sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention). The complainant has alleged that shares allotted to him were done without proper valuation, and funds were repeatedly diverted despite assurances of repayment.
A Lookout Circular (LOC) has already been issued against both Kundra and Shetty to prevent them from leaving the country while the investigation is in progress.
Next Steps in the Case
Police sources said Kundra may be called again next week for further questioning once additional bank records and witness statements are analysed. The EOW is also preparing to record statements from auditors and company officials who handled the accounts of Best Deal TV.
Defence and Denials
Kundra has denied all allegations, calling the case a commercial dispute rather than a criminal matter. His lawyers argue that payments were delayed due to the Covid-19 pandemic and that all transactions were transparent. Shetty’s team has also maintained that she was not involved in the company’s day-to-day operations.
Why It Matters
The case has drawn public attention not only because of the ₹60 crore amount involved but also due to the involvement of high-profile personalities. It has raised fresh questions about corporate governance, financial accountability, and the use of celebrity-driven ventures to attract investments.
The EOW has said the investigation is still at an early stage and further action will depend on the verification of documents and statements collected so far.
