Mumbai, Nov 7 : The Mumbai Police’s Economic Offences Wing (EOW) has reportedly found substantial evidence suggesting that actor Shilpa Shetty and her husband, businessman Raj Kundra, were involved in the diversion of funds in a ₹60 crore cheating case linked to a non-banking financial company (NBFC) owned by businessman Deepak Kothari.
According to a report by India Today TV, the alleged misappropriation dates back to 2015, when the couple’s company, Best Deal TV Pvt Ltd, borrowed funds from the NBFC. Investigators believe that the borrowed money was siphoned off through multiple related firms, based on initial probe findings and recorded statements.
EOW Orders Forensic Audit To Track Money Trail
The EOW has now ordered a forensic audit to trace the complete financial trail and determine how the funds were utilised. Investigators suspect that the money may have been diverted to companies linked to the couple, including Satyug Gold, Viaan Industries, Essential Bulk Commodities Pvt Ltd, and Statement Media.
Sources allege that the diverted amounts were falsely recorded as operational expenses, including broadcasting fees, international travel, warehousing, and office costs. Some service vendors named in the records such as a courier company and a media solutions firm have denied receiving any payment.
Raj Kundra, Shilpa Shetty’s Statements Under Review
Raj Kundra, who was questioned for nearly five hours, told officials that the ₹60 crore was taken as a loan and later converted into equity. He claimed that ₹20 crore was spent on promotions and celebrity endorsements, naming Bipasha Basu and Neha Dhupia as part of the campaigns.
However, investigators found discrepancies in fund allocation. Despite being a majority shareholder, Shilpa Shetty reportedly charged ₹15 crore as a celebrity endorsement fee, shown as company expenditure. She claimed she received the payment “as a model” through an associated ad agency.
No Valuation, Business Losses Cited
The EOW also found that no valuation was conducted before converting the loan into equity, raising red flags about compliance and intent. Kundra, meanwhile, defended the company’s downfall, citing heavy losses post-demonetisation due to its dependence on cash-on-delivery transactions.
He also told investigators that some promotional videos and celebrity material related to Best Deal TV were seized earlier by the Cyber Crime Cell during the pornography case probe which the EOW is now cross verifying.
The investigation is ongoing, with the forensic audit expected to shed more light on the financial discrepancies and the alleged misuse of funds.