Raj Kundra was allegedly questioned for five hours by the Economic Offences Wing (EOW) in the Rs 60 crore financial fraud case. He has recorded his statements and is likely to be summoned again next week. Wife Shilpa Shetty could also be summoned
Raj Kundra
The Economic Offences Wing (EOW) of the Mumbai Police recently recorded the statement of businessman Raj Kundra, husband of actress Shilpa Shetty, according to reports. The businessman, who has been named in a Rs 60 crore financial scam, was questioned for nearly five hours by the officials. Additionally, officials said Kundra is likely to be summoned again next week.
Raj Kundra questioned by EOW
During the preliminary statement, Kundra allegedly admitted that nearly Rs 60 crore was invested across five companies, namely, Satyug Gold, Vihaan Industries, Essential Bulk Commodities Pvt Ltd, Best Deal, and Statement Media. The investigators suspect that these funds were diverted to related parties and siphoned off for frivolous expenses. According to EOW, the next interrogation with Raj may take place next week. Meanwhile, statements of more witnesses are yet to be investigated and verified. The next round of interrogation is expected to start only after thoroughly scrutinising the statements of the witnesses.
According to sources, following Kundra’s round of questioning, Bollywood actress Shilpa Shetty could be summoned. However, no official summons has been issued to her yet.
Furthermore, scrutiny of Kundra’s bank statements unveiled questionable expenses worth Rs 25 crore, including Rs 3.15 crore on a warehouse, Rs 20 crore on broadcasts, and payments for a rented office in Matunga. The EOW has also highlighted a Rs 4 crore celebrity fee paid as a “salary” through his own company, raising concerns over fund misuse.
Raj's bank records also showed financial transactions with Ekta Kapoor’s Balaji Telefilms. Investigators have asked Kundra to provide employee details and the valuation of the complainant’s equity share during the next meeting, since the valuation was never carried out despite the complainant being the largest shareholder.
About the financial fraud case
In August, a case was filed against Shilpa Shetty, her husband Raj Kundra, and another person for allegedly cheating a businessman of over Rs 60 crore. The complaint, filed by businessman Deepak Kothari, director of Lotus Capital Financial Services Ltd, claims the incidents took place between 2015 and 2023.
Kothari alleged that the couple took the money under the pretext of expanding their business but used it for personal expenses instead. According to Kothari, in 2015, Shetty and Kundra approached him through a mediator seeking a Rs 75 crore loan for their company, Best Deal TV Pvt Ltd, which promoted lifestyle products and ran an online shopping platform. The proposed interest rate was 12 per cent.
Later, they reportedly asked him to provide the funds as an "investment" instead of a loan, assuring him of monthly returns and repayment of principal. Kothari claimed he transferred Rs 31.95 crore in April 2015 under a share subscription agreement, and another Rs 28.53 crore in September 2015 under a supplementary agreement.
(With inputs from ANI)
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