The Mumbai Police’s Economic Offences Wing (EOW) has issued a formal summons to businessman Raj Kundra, husband of Bollywood actor Shilpa Shetty, in connection with a massive ₹60 crore cheating and fraud case. The case centers on allegations by Deepak Kothari, director of Lotus Capital Financial Services, who claims large sums intended for business investments were siphoned off for personal use.
Allegations and Case Background:
The transactions in question, which took place between 2015 and 2023, are the source of the controversy. The FIR filed at the Juhu Police Station claims that Kothari invested ₹60.48 crore in Best Deal TV Pvt Ltd, a business in which Kundra and Shetty were both directors, as part of a loan-cum-investment arrangement with them. According to the complainant, ₹28.53 crore was transferred in September 2015 via a Supplementary Agreement after ₹31.9 crore was deposited in April 2015 through a Share Subscription Agreement. The money, which was supposed to be used to grow the company, may have been stolen.
In 2016, a personal guarantee was provided by the accused, but Shilpa Shetty later resigned as director. Kothari claims to have discovered in 2017 that insolvency proceedings had commenced against the company, which had been defaulting on various agreements.
Investigation Progress and Summons Details:
EOW officials have summoned both Kundra and the auditor associated with the National Company Law Tribunal (NCLT) for questioning. While Kundra was initially asked to appear on September 10, the date was deferred to September 15 after he requested more time. The EOW has also issued a Lookout Circular (LOC) against Kundra and Shetty, restricting their international travel as the investigation continues.
Throughout the preliminary investigation, the couple maintained that they reside in London and sent their legal representatives in their place for questioning. Authorities found the information shared by the attorney insufficient, leading to the formal registration of the case.
Defence and Legal Statements:
The legal team for Kundra and Shetty has denied the accusations, stating that the case is civil in nature and was previously decided by the NCLT Mumbai in October 2024. Their attorneys contend that the EOW has received all pertinent paperwork and cash flow data, denying any misconduct or criminal intent. However, the attorney for Deepak Kothari insists that there is significant evidence of financial misappropriation. Examining financial records, corporate paperwork, and whether the money was actually used for the specified corporate goals are now the main factors in the legal dispute.
Kundra’s History of Legal Troubles:
Raj Kundra’s involvement in financial disputes and legal controversies precedes the current ₹60 crore cheating case. Over the years, Kundra has faced allegations spanning money laundering, spot-fixing in IPL cricket, and most notably his arrest in 2021 for producing pornographic content. His legal issues have often intersected with high-profile business ventures, celebrity partnerships, and large investment deals, keeping him in the spotlight for regulatory authorities and the media. As the current EOW investigation advances, Kundra’s past brushes with law enforcement reinforce questions about accountability and transparency in celebrity-run businesses and add another layer of scrutiny to his ongoing affairs.
Ongoing Investigation and Industry Implications:
As the EOW probe unfolds, both Raj Kundra and Shilpa Shetty remain under scrutiny, unable to leave the country amid strict investigative protocols. The incident adds to Kundra’s history of legal controversies, bringing renewed attention to issues of corporate governance and accountability in high-profile investment deals. With further questioning and examination of records on the horizon, the outcome of this ₹60 crore cheating case may have wider ramifications for financial oversight and celebrity-driven business ventures in India.
