Raj Kundra responds to Rs. 60 crore fraud case allegations
Businessman and film producer Raj Kundra has publicly addressed allegations of financial misconduct involving a Rs. 60 crore fraud case, in which he and his wife, actress Shilpa Shetty, have been named.
The case, currently under investigation by Mumbai Police’s Economic Offences Wing (EOW), centres around claims that funds intended for business expansion were misappropriated for personal use.
The complaint was filed by Deepak Kothari, director of Lotus Capital Financial Services Ltd, who alleges that between 2015 and 2023, he transferred Rs. 60.48 crore to Best Deal TV Pvt Ltd, a now-defunct company co-founded by Kundra and Shetty. Kothari claims the funds were initially requested as a loan but were later restructured as an investment to reduce tax liability, with assurances of monthly returns and principal repayment. Despite these assurances, the complainant alleges that the funds were diverted and that attempts to recover the money were unsuccessful.
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In response, Kundra has maintained his innocence, stating in a recent interview that neither he nor his wife has done anything wrong. “Let’s just wait and watch because that’s life for you, and we have not said anything about it because we know we haven’t done anything wrong. The truth will come out eventually,” he said. He declined to comment on the specifics of the case, citing ongoing legal proceedings.
The EOW has issued a Look-Out Circular (LOC) against both Kundra and Shetty, restricting their international travel. Kundra has been summoned to appear before investigators on 15th September, after requesting an extension from the original date.
