Raj Kundra Grilled for 5 Hours Over Bank Statements in ₹60 Crore Fraud Probe

Businessman Raj Kundra, husband of Bollywood actor Shilpa Shetty, was questioned for nearly five hours by the Economic Offences Wing (EOW) of the Mumbai Police on September 15, 2025, in connection with a ₹60 crore fraud case. The interrogation focused on Kundra’s bank statements, financial transactions, and alleged fund diversion across five companies. The case, which has been under investigation since August, involves accusations of cheating a Mumbai-based businessman through a loan-cum-investment scheme linked to Kundra’s now-defunct firm Best Deal TV Pvt Ltd.

According to sources, Kundra admitted that ₹60 crore was invested across five entities—Satyug Gold, Vihaan Industries, Essential Bulk Commodities Pvt Ltd, Best Deal, and Statement Media. Investigators suspect that the funds were siphoned off for personal expenses and routed through related parties under the guise of business operations.

Breakdown of Companies Under Investigation

The EOW is now verifying whether these expenses were legitimate business costs or part of a larger scheme to misappropriate investor funds.

Key Allegations and Financial Trail

The complaint, filed by Deepak Kothari, alleges that Kundra and Shetty misused ₹60.4 crore invested between 2015 and 2023 under the pretext of expanding a media business. The funds were allegedly converted from a loan into equity without proper valuation, and the complainant was issued shares without any formal assessment of the company’s worth.

Kundra reportedly submitted photographs and documents to justify payments made to celebrities including Bipasha Basu and Neha Dhupia for promotional work. He also claimed that ₹20 crore was spent on broadcasting charges and ₹3.15 crore on warehouse rentals.

Celebrity Payments and Office Expenses Under Scrutiny

The EOW flagged a ₹4 crore payment labeled as “salary” to a celebrity, raising questions about the legitimacy of the transaction. Additionally, Kundra’s bank records revealed payments for a rented office in Matunga and transactions with Balaji Telefilms, prompting investigators to seek further clarification.

Officials have asked Kundra to provide employee records and valuation documents for the complainant’s equity stake in the next round of questioning.

Shilpa Shetty’s Role and Upcoming Summons

Shilpa Shetty, who is the majority shareholder in Best Deal TV Pvt Ltd, is also expected to be summoned soon. Investigators believe that Shetty charged celebrity fees through her own company, which were shown as business expenses—an act that may constitute fund siphoning.

The EOW is coordinating with the Mumbai Crime Branch to access video files and other digital evidence previously seized in related cases.

Legal Background and Defense Claims

Kundra and Shetty’s legal team has denied the allegations, stating that the matter is civil in nature and was adjudicated by the National Company Law Tribunal (NCLT) in October 2024. They claim that the company went into financial distress and the dispute was part of a long-standing legal battle.

However, the EOW maintains that the financial trail and lack of valuation exercise point to deliberate misrepresentation and fund diversion.

Timeline of Events

The case is expected to intensify in the coming weeks, with further summons and forensic audits underway.

Conclusion: Raj Kundra Faces Deepening Scrutiny in ₹60 Crore Fraud Case

As the investigation unfolds, Raj Kundra’s five-hour grilling by the EOW marks a critical juncture in the ₹60 crore fraud probe. With financial records, celebrity payments, and company transactions under the scanner, the case is poised to test the boundaries between civil disputes and criminal liability.

Shilpa Shetty’s impending summons and the forensic review of fund flows will likely determine the trajectory of the case. For now, the spotlight remains firmly on Kundra’s financial dealings and the unanswered questions surrounding the alleged misuse of investor funds.

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Disclaimer: This article is based on publicly available law enforcement reports, verified news sources, and official statements. It is intended for informational purposes only and does not constitute legal advice. All figures and developments are subject to change based on ongoing investigations.