New Delhi: The Economic Offences Wing (EOW) of Mumbai Police has summoned businessman Raj Kundra, husband of actress Shilpa Shetty, in connection with an alleged Rs 60.48 crore cheating case. The summons was issued after a complaint was filed by a Mumbai-based businessman earlier this year.
According to officials, Raj appeared before investigators on Monday (September 15). “We had summoned Raj Kundra to join the probe on Wednesday; however, he sent a request through his representative that he will join on Monday,” a senior EOW officer told Hindustan Times.
Last week, Look-Out Circulars (LOCs) were issued against both Shilpa and Raj to ensure they remain available for questioning. The couple, known for frequent overseas travel, has been restricted from leaving the country until the investigation concludes.
Shilpa Shetty’s fraud case details
The case stems from a complaint by Deepak Kothari, a 60-year-old director of Lotus Capital Financial Services. He alleged that the couple diverted funds he provided between 2015 and 2023 for business expansion for personal use.
The FIR, registered on August 13 at Juhu Police Station, stated that Deepak was introduced to Raj through a mutual acquaintance. He was told that the couple held 88% shares in Best Deal TV, a home-shopping and e-commerce platform. Initially, Raj sought a loan of Rs 75 crore at 12% annual interest. However, Deepak claimed he was persuaded to treat the transaction as an investment, with promises of higher returns and tax benefits.
Deepak said he transferred the money in instalments, but later discovered insolvency proceedings had been filed against Best Deal TV for allegedly cheating another investor. While Shilpa resigned as director in 2016, Raj allegedly continued to delay repayments, citing financial strain during the COVID-19 pandemic.
Following a preliminary inquiry, the EOW concluded that funds had been misappropriated. As a result, Shilpa, Raj, and an unidentified associate were booked under IPC sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention).
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 now tracking the money trail to determine how the Rs 60.48 crore was spent.