Mumbai: Businessman Raj Kundra, husband of actor Shilpa Shetty, has claimed before the Economic Offences Wing (EOW) of Mumbai Police that his company suffered major losses after the 2016 demonetisation drive — a blow, he said, that severely affected his ability to repay investors. His statement comes amid a probe into an alleged Rs 60.48 crore cheating case linked to his firm Best Deal TV Pvt Ltd.
The case was registered following a complaint by Deepak Kothari, director of Lotus Capital Financial Services, who accused Kundra and Shetty of defrauding him of over Rs 60 crore between 2015 and 2023. Kothari alleged that he had invested the money in Best Deal TV based on promises of returns, but the funds were later diverted for personal use.
According to sources, Kundra, during questioning, told investigators that his business took a severe hit during demonetisation, disrupting cash flow and crippling operations. The move, he said, led to an irreversible financial slump that prevented him from honouring repayments.
Shilpa Shetty, too, has been questioned by the EOW for over four hours. She submitted documents related to her advertising firm and clarified her financial role in the company’s affairs. Investigators have reportedly traced around Rs 15 crore transferred to one of Shetty’s firms, which is now under scrutiny.
Meanwhile, the Bombay High Court recently refused to grant immediate permission for the couple to travel abroad. The court directed them to first deposit the entire disputed sum of Rs 60 crore before seeking the withdrawal of the Look-Out Circular (LOC) issued against them. When their counsel argued that Shetty’s foreign trip was for professional reasons, the bench remarked that repayment should take priority.
The EOW has maintained that the case involves serious financial misappropriation and continues to examine money trails, shareholding patterns, and financial guarantees linked to Best Deal TV. Kundra and Shetty’s lawyers, however, have insisted that the dispute is civil in nature and denied any intent to cheat investors.
As the investigation deepens, both Kundra and Shetty remain under close watch of the economic offences unit, with the probe expected to widen further in the coming weeks.
