Raj Kundra claims heavy losses after demonetisation; says ‘cash-dependent model’ crippled his company in Rs. 60 crores fraud probe : Bollywood News
Businessman Raj Kundra told the Economic Offenses Wing (EOW) of the Mumbai Police that his company, Best Deal TV Pvt Ltd, suffered huge financial losses following the 2016 demonetization as the business was heavily dependent on cash transactions. The revelation came during a detailed statement recorded by the EOW in connection with the outstanding Rs.1,000. 60 crore cheating case involving Kundra and his wife, actor Shilpa Shetty.
Raj Kundra claims heavy losses after demonetization; says ‘cash-dependent model’ crippled his business in Rs. $60 million fraud probe
According to police officials, a team of four to five EOW officers visited the couple’s residence in Mumbai last week and recorded their statements for nearly four hours. The move comes soon after the Bombay High Court raised questions over their request to travel abroad as part of the ongoing investigation.
Kundra, whose statement was first recorded on September 15, reportedly provided further details during a second interrogation. According to a senior officer, he informed the police that the company had invested over Rs. 20 crores in advertising and an equal amount for setting up operations and staff. However, when demonetization was introduced, the company’s cash-on-delivery model collapsed, leading to substantial losses.
A police official said Kundra had mentioned that several Bollywood actors were featured in the company’s advertisements and had submitted related documents. He said one actor and two actresses had participated in promotional campaigns for the brand, adding that their payments were still being verified. It was also revealed that Shilpa Shetty appeared in one of the company’s advertisements, although the payment “was not credited to her account”. Authorities are now examining his bank statements to verify the transactions.
Kundra’s company, Best Deal TV Pvt Ltd, was a home shopping and online retail company that ceased operations a few years after its launch. The ongoing case stems from a complaint filed by businessman Deepak Kothari, who alleged that Kundra and Shetty took Rs 60 crore in the guise of a business investment but failed to return the money.
The EOW has already issued a lookout circular (LOC) against the couple, and investigations are underway to trace the flow of funds and verify the businessman’s claims. While Kundra’s latest statement highlights the financial setbacks linked to demonetization, the investigation continues to reveal new details regarding the company’s collapse and alleged misuse of investors’ funds.
Read also: Bombay HC blocks international travel of Shilpa Shetty and Raj Kundra amid Rs 60 crore fraud case
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