EOW records Shilpa Shetty’s statement in ₹60.48 crore cheating case
An EOW officer said investigators recorded Shilpa Shetty’s statement for four hours on Saturday at her residence and were verifying her version
MUMBAI: The Economic Offences Wing (EOW) of the Mumbai Police recorded the statement of actor Shilpa Shetty on October 4 in connection with a ₹60.48 crore cheating case linked to the now-defunct company, Best Deal TV Private Limited, a home shopping and online retail platform on which both Shilpa and her husband Raj Kundra served as directors.
“We have recorded the statement of Shilpa Shetty for four hours on Saturday at her residence and are now analysing and verifying it,” said an officer from EOW.
The agency issued look-out circulars against the couple on September 5 and questioned the actor’s husband, businessman Raj Kundra, for around five hours on September 14 at the EOW office. EOW officials said the LOCs were issued to ensure the couple, who often travel abroad, do not leave the country while the probe was underway.
The case stems from a complaint filed by Deepak Kothari, a 60-year-old businessman and director of Lotus Capital Financial Services based in Mumbai. In his complaint, Kothari alleged that between 2015 and 2023, Shetty and Kundra diverted funds he had provided to expand their business for personal purposes.
The FIR registered on August 13 alleged that Kothari was introduced to Kundra through a common acquaintance and was informed that the couple held 88% shares in Best Deal TV. Initially, Kundra sought a loan of ₹75 crore at 12% annual interest, but Kothari claimed he was later persuaded to treat the transaction as an investment to avoid taxation and promised better returns.
{{/usCountry}}The FIR registered on August 13 alleged that Kothari was introduced to Kundra through a common acquaintance and was informed that the couple held 88% shares in Best Deal TV. Initially, Kundra sought a loan of ₹75 crore at 12% annual interest, but Kothari claimed he was later persuaded to treat the transaction as an investment to avoid taxation and promised better returns.
{{/usCountry}}Kothari said he transferred the entire money in tranches through 2015, but soon discovered that insolvency proceedings had been initiated against the company for allegedly cheating another investor. Shetty resigned as director in 2016. Despite repeated demands, Kothari alleged that Kundra delayed repayment, citing the Covid-19 pandemic.
{{/usCountry}}Kothari said he transferred the entire money in tranches through 2015, but soon discovered that insolvency proceedings had been initiated against the company for allegedly cheating another investor. Shetty resigned as director in 2016. Despite repeated demands, Kothari alleged that Kundra delayed repayment, citing the Covid-19 pandemic.
{{/usCountry}}After a preliminary inquiry, EOW found that the complainant’s funds had been misused and booked Shetty, Kundra, and an unidentified associate under sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention) of the Indian Penal Code.
{{/usCountry}}After a preliminary inquiry, EOW found that the complainant’s funds had been misused and booked Shetty, Kundra, and an unidentified associate under sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention) of the Indian Penal Code.
{{/usCountry}}Police have also summoned the auditor who examined the firm’s books before liquidation proceedings were filed before the National Company Law Tribunal (NCLT). Investigators are tracing the money trail to determine how the funds were spent.
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