The Economic Offences Wing (EOW) of the Mumbai Police is conducting a high-profile investigation into a ₹60 crore cheating case involving businessman Raj Kundra and Bollywood actor Shilpa Shetty, alongside other associates.
The case centers around Best Deal TV Private Limited, a now-defunct home shopping and online retail platform once co-directed by Kundra and Shetty.
Background: Launch, Operations, and Investor Complaints
Best Deal TV was launched as an ambitious online retail venture, promising lucrative opportunities for investors and a platform for celebrity endorsements.
As the company operated, payments were made to Bollywood actors and producers to feature on the platform and promote products.
Timeline of Key Events:
- Launch of Best Deal TV: The company started operations under the direction of Raj Kundra and Shilpa Shetty, combining e-commerce with celebrity-driven marketing.
- Investor Involvement: Businessman Deepak Kothari, director at Lotus Capital Finance Services, invested in the platform through a loan-cum-investment deal.
- Alleged Misappropriation: Kothari claimed that ₹60.4 crore was misappropriated, with investor money allegedly diverted under the guise of operational costs and payments to celebrities.
- Complaint Filed: Kothari filed a formal complaint with the Mumbai Police, triggering the EOW investigation.
- EOW Interrogation: On September 15, Raj Kundra was questioned for over five hours regarding the flow of funds and his role in the alleged cheating.
Kundra’s Statement and Celebrity Involvement
During the interrogation, Kundra stated that part of the ₹60 crore in question was used to pay professional fees to Bollywood actors Bipasha Basu and Neha Dhupia, and producer Ekta Kapoor, for their appearances and endorsements on the platform.
The police clarified that none of the celebrities mentioned are being summoned at this stage, as the focus remains on verifying financial records and tracing the money trail.
Kundra’s explanation is being considered as part of the ongoing scrutiny of Best Deal TV’s accounts, including various bank transactions and operational expenditures.
Shilpa Shetty and Legal Measures
Shilpa Shetty, co-director of Best Deal TV and a prominent Bollywood actor, is also named as an accused. In early September, the Mumbai Police issued Lookout Circulars (LOCs) against both Kundra and Shetty to ensure they remain within the country for the ongoing investigation.
The couple’s legal representatives are expected to mount a defense citing legitimate business expenditures and commercial risks associated with a new entertainment-retail venture.
EOW Investigation: Process and Challenges
The Economic Offences Wing is conducting a meticulous investigation, including:
- Scrutinizing the bank accounts and financial transactions of Kundra and Best Deal TV.
- Verifying the legitimacy of payments made to actors and vendors.
- Assessing the timeline of investor funds, platform revenue, and business losses.
- Interrogating multiple witnesses and associates connected to the company.
Kundra is expected to be summoned again in the coming week as the probe deepens and additional witnesses are verified.
Wider Implications: Celebrity Ventures and Investor Risks
The case has drawn widespread media attention due to the involvement of high-profile Bollywood personalities and the large-scale financial fraud allegations.
Analysts note that the case highlights the risks of mixing entertainment and enterprise, where glamour can overshadow due diligence for investors.
While the EOW proceeds cautiously with forensic financial evidence, the case serves as a reminder of potential vulnerabilities in celebrity-backed startups and the need for transparency in investor dealings.
Conclusion
The ₹60 crore fraud case against Raj Kundra and Shilpa Shetty represents one of the most high-profile financial investigations in recent years, combining elements of celebrity culture, business risk, and alleged investor deception.
As the Mumbai Police’s EOW continues its inquiry, the outcome will be closely watched, with investors and the public awaiting accountability and clarity in the handling of celebrity-driven ventures.
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