Shilpa Shetty questioned by EoW for over 4 hours in Rs 60 crore business scam case

Shilpa Shetty and her husband, Raj Kundra, are currently under investigation in a Rs 60 crore fraud case. The Economic Offences Wing (EOW) alleges that Kundra transferred approximately Rs 15 crore of the total amount into a company account purportedly belonging to Shetty.

Recent development in the case

In a recent development, Shilpa Shetty was questioned by Economic Offences Wing (EOW) officials for approximately four and a half hours at her Mumbai residence. The interrogation primarily focused on her potential financial involvement in the case and the flow of funds. During the questioning, officials examined bank statements and seized crucial financial documents from the actress, which are currently undergoing verification.

The investigation was initiated following a complaint filed by businessman Deepak Kothari, who accused the couple of cheating him in a loan-cum-investment deal. As part of the ongoing investigation, statements have been recorded from five individuals, including Raj Kundra.

The Bombay High Court has denied Shilpa Shetty and Raj Kundra's request to travel abroad for a family vacation to Phuket, Thailand, as the investigation continues. The couple had requested a suspension of a lookout circular issued by the EOW, citing travel bookings from October 2 to 5.

Their lawyers, Niranjan Mundargi and Keral Mehta, argued that the couple has always returned from foreign trips and cooperated with investigators, despite a 2021 case against them. However, the High Court rejected their plea, citing the ongoing investigation.

This recent legal setback occurs as the EOW continues its efforts to trace the alleged money trail and determine the legitimacy of funds transferred to Shetty's company. The investigation aims to ascertain whether these funds were part of the alleged fraud.

The recent legal setback comes as the EOW continues its investigation, focusing on tracking the alleged money trail and verifying the legitimacy of funds transferred to Shetty's company. The investigation aims to determine if these funds were connected to the alleged fraud.

Presently, the actress has not issued any public statement regarding the case, and the investigations are still ongoing.

About the case

The case stems from a complaint by Deepak Kothari, director of Lotus Capital Financial Services, who alleged that he invested Rs 60.48 crore in Best Deal TV Pvt. Ltd., a company linked to the couple, between 2015 and 2023. The investment was intended for business expansion.

The complaint further alleges that these funds were instead used for personal purposes. Following a preliminary inquiry, the EOW has filed charges against Shetty, Kundra, and another individual under IPC sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention). Investigators have reportedly traced nearly ?25 crore of the transferred funds, including transactions to four actresses and production houses, such as Bipasha Basu, Neha Dhupia, and Balaji Entertainment.