Raj Kundra's associate summoned to appear for questioning by Mumbai EOW in Rs 60 crore fraud case

The Mumbai Police's EOW has summoned Rajendra Bhutada, the resolution professional for Raj Kundra's businesses, for questioning on September 25 regarding a Rs 60 crore fraud case, as part of an investigation into potential fund misappropriation and suspicious financial dealings.

Mumbai Police Summons Rajendra Bhutada in Raj Kundra Fraud Case

An FIR filed by Lotus Capital Financial Services' director at Juhu Police Station initiated the case. The complaint alleges Raj Kundra and associates misappropriated Rs 60.48 crore, intended for investment in their company, and instead diverted the funds. This has led to an ongoing investigation.

Kundra and Shetty Face Fraud Allegations

Deepak Kothari accuses Shilpa Shetty and Raj Kundra of defrauding him of over Rs 60 crore through their defunct company, Best Deal TV Pvt Ltd, between 2015 and 2023. Kothari claims the investment, intended for business expansion, was misused for personal expenses. The EOW is investigating and has restricted Kundra's travel.

Kundra's Interrogation Reveals Suspected Misappropriation of Funds

During a recent exhaustive interrogation conducted by the Economic Offences Wing, Raj Kundra was subjected to questioning for approximately five hours. Throughout the course of the interrogation, Kundra purportedly conceded that an approximate sum of Rs 60 crore had been invested across five distinct companies, namely Satyug Gold, Vihaan Industries, Essential Bulk Commodities Pvt Ltd, Best Deal, and Statement Media. Nevertheless, the investigators harbor suspicions that these financial resources were subsequently diverted towards related entities or utilized for other inconsequential expenditures.

One of the most significant revelations emanating from that specific questioning was the allegation that a segment of the disputed Rs 60 crore was purportedly disbursed as remuneration to Bollywood actresses Bipasha Basu and Neha Dhupia.

Investigation Deepens: Financial Irregularities Uncovered

Investigators are reportedly scrutinizing bank records, meticulously tracing financial transfers, including those made during the demonetization period, which have triggered concerns. The Economic Offences Wing (EOW) is also set to review content associated with the brand "Best Deal," which is considered central to the business operations under investigation.

Previously, legal representatives for Shilpa Shetty and Raj Kundra had refuted the allegations, asserting their purely civil nature and that they had been adjudicated by the National Company Law Tribunal (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," stated advocate Prashant Patil.