By News18,Pragati Ratti

Copyright news18

The Economic Offences Wing (EOW) of the Mumbai Police has summoned Rajendra Bhutada, the resolution professional appointed in connection with Raj Kundra’s businesses, to appear for questioning on September 25 in the ongoing investigation into a nearly Rs 60 crore fraud case. This step is part of a broader inquiry into alleged misappropriation of funds and suspicious financial transactions.
The case was triggered when the director of Lotus Capital Financial Services filed an FIR at Juhu Police Station, accusing Raj Kundra and his associates of having taken Rs 60.48 crore for investment into a company owned by Kundra and his wife, Shilpa Shetty, but used the funds for other purposes instead.
The complainant, Deepak Kothari, has alleged that the couple defrauded him of over Rs 60 crore, which involved Shetty and Kundra’s now-defunct company, Best Deal TV Pvt Ltd. According to Kothari, he invested the amount between 2015 and 2023 under the pretext of expanding a business, but the money was allegedly misused for personal expenses. EOW is now investigating the case.
The EOW has restricted Kundra from leaving the country as part of its investigative measures.
During a recent interrogation by the EOW, Kundra was questioned for about five hours. During the interrogation, Kundra reportedly admitted that nearly Rs 60 crore was invested across five companies – Satyug Gold, Vihaan Industries, Essential Bulk Commodities Pvt Ltd, Best Deal, and Statement Media. However, investigators suspect that these funds were diverted to related parties or used for other frivolous expenses.
One of the major disclosures from that questioning was that a portion of the disputed Rs 60 crore was allegedly paid out as fees to Bollywood actresses Bipasha Basu and Neha Dhupia.
Investigators are reportedly examining bank records, tracing transfers made even during the period of demonetisation, which have raised red flags. The EOW is also planning to review content under the brand name “Best Deal”, which is believed to be central to the business operations under scrutiny.
Previously, Shilpa Shetty and Raj Kundra’s lawyer had denied the allegations, saying they were purely civil in nature and had been adjudicated by the NCLT Mumbai on October 4, 2024. “This is an old transaction, wherein the company went into financial distress and eventually got entangled in a long legal battle at the NCLT. There is no criminality involved, and our auditors have submitted all the necessary supporting documents from time to time, as requested by the EOW, including detailed cash flow statements,” said advocate Prashant Patil.