The financial troubles surrounding businessman Raj Kundra and actress Shilpa Shetty have once again taken center stage as the Mumbai Police's Economic Offences Wing (EOW) intensifies its probe into an alleged ₹60 crore cheating case. Central to the ongoing investigation is the couple's now-defunct teleshopping venture, Best Deal TV, and Kundra's claim that a major national policy decision—the 2016 demonetisation—is what truly crippled his ability to repay funds.

The Core of the Cheating Allegation

The investigation stems from a criminal complaint filed by Mumbai businessman Deepak Kothari, a director at Lotus Capital Financial Services. Kothari alleges that between 2015 and 2023, he was persuaded by Kundra and Shetty to invest approximately ₹60 crore into their company, Best Deal TV Pvt Ltd. While initially discussed as a loan, the money was eventually routed as an "investment."

The core of the complaint is that these funds, intended for business expansion, were allegedly misappropriated for the couple's personal benefit. The EOW has registered a case against the couple under relevant sections of the Indian Penal Code, including criminal breach of trust and cheating. The sheer scale of the amount involved—exceeding ₹60 crore—has escalated the matter to the EOW.

Kundra’s Defence: The Demonetisation Impact

In his statement recorded by the EOW for several hours, Raj Kundra presented a critical defence: the devastating impact of demonetisation. Kundra's company, which dealt in electrical and household appliances, reportedly operated largely on a cash-on-delivery (COD) model. He informed investigators that when the Indian government withdrew ₹500 and ₹1000 currency notes in November 2016, his business suffered massive and immediate losses.

Kundra contends that this sudden financial collapse is the reason the company was unable to generate returns and repay the invested amount, ultimately leading to the firm’s insolvency proceedings in 2017. He argues that this was a business failure caused by an external shock, rather than an intentional act of fraud.

Shilpa Shetty Under Scanner

The Bollywood celebrity aspect of the case brings actress Shilpa Shetty under intense scrutiny. Although she resigned as a director from Best Deal TV in September 2016, a few months before demonetisation, she was recently questioned for several hours by the EOW.

Investigators are reportedly examining various aspects of her involvement, including an alleged transfer of ₹15 crore from the disputed funds to one of her firms. Furthermore, authorities are questioning why Shilpa Shetty, despite being a major shareholder, received what appear to be celebrity fees from the same company—an action officials suspect could be a method of siphoning off funds. Both Kundra and Shetty have maintained their innocence, stating that all business dealings were transparent.

As the EOW continues to trace the money trail, examining expenses on celebrity fees, broadcasting charges, and transfers to other linked companies, the central question remains: was Best Deal TV’s collapse an unfortunate business casualty of demonetisation, or was the crisis merely an excuse to cover up financial irregularities? The ongoing investigation will determine if Kundra's explanation is valid or if there is a deeper financial controversy at play.
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