The Economic Offences Wing (EOW) of Mumbai Police on Monday recorded the statement of businessman and Bollywood actor Shilpa Shetty’s husband Raj Kundra in connection with an alleged ₹60 crore cheating case.
According to EOW officials, more witnesses are yet to be examined, and the next round of interrogation may take place next week after the statements already collected are scrutinised.
Case background
On September 5, a Lookout Circular (LOC) was issued against Shilpa Shetty and Raj Kundra in the case. The LOC was sought by complainant Deepak Kothari, director of Lotus Capital Financial Services Ltd, who alleged that the couple cheated him between 2015 and 2023.
In his complaint, Kothari claimed that Shetty and Kundra, through a mediator, approached him in 2015 seeking a ₹75 crore loan for their company Best Deal TV Pvt Ltd, which promoted lifestyle products and ran an online shopping platform. Initially proposed at 12% interest, the couple later asked him to provide funds as an “investment” instead of a loan, promising monthly returns and repayment of the principal.
Kothari alleged that he transferred ₹31.95 crore in April 2015 under a share subscription agreement, followed by another ₹28.53 crore in September 2015 under a supplementary agreement — totaling nearly ₹60 crore. The money, he said, was credited to Best Deal TV’s bank accounts but was “dishonestly used for personal benefit.”
Legal developments
Repeated attempts to recover the funds reportedly failed, prompting Kothari to file a complaint earlier this year. His lawyers, Dr. Yusuf Iqbal and Adv. Zain Shroff of YNA Legal, had also demanded the issuance of a lookout circular.
Denying the charges, the couple’s lawyer Prashant Patil said, “We will present our truth before the investigating agencies.”
What’s next
EOW officials said the probe is at a crucial stage. Verification of witness statements will precede any further interrogation of the accused.