Shilpa Shetty grilled by Mumbai EOW for 4.5 hours in fraud case

MUMBAI: Bollywood actress Shilpa Shetty and her husband Raj Kundra are under investigation in a fraud case worth Rs. 60 crore.

According to reports from the Economic Offences Wing (EOW), Raj allegedly transferred about Rs. 15 crore of the total amount to a company account owned by Shilpa.

In the latest development, the Dhadkan actress was questioned by Mumbai’s EOW officials for more than four hours about her role and financial involvement in the case.

The officials are checking how the money moved and why it was transferred. So far, statements from five people, including Raj, have been recorded.

During her questioning, the 50-year-old actress reportedly shared details about her company’s bank transactions and gave the police several documents related to the case. The officers are now examining those papers to verify her claims.

Earlier in September, the EOW had also recorded Raj’s statement. A police official confirmed, “Investigations are ongoing against actress Shilpa Shetty and her husband Raj Kundra in an alleged fraud case of Rs. 60 crore.”

Meanwhile, the couple’s request to travel abroad for a family holiday in Phuket from October 2 to 5 was rejected by the Bombay High Court.

The court also denied their plea to stay the lookout notice issued against them.

Their lawyers, Niranjan Mundargi and Keral Mehta, argued that despite an older case filed in 2021, Shilpa and Raj had always cooperated with authorities and returned from every trip, insisting they should be allowed to travel while the investigation continues.

Earlier in previous month, Bollywood diva Shilpa Shetty and her husband, Raj Kundra, have now been issued a Look Out Circular (LOC) against them, preventing them from leaving India.

Actor-entrepreneur Shilpa Shetty and her businessman husband Raj Kundra, who are currently embroiled in an INR60 crore investment fraud case, have been issued an LOC against them to ensure that the couple cannot travel abroad without an official clearance until the investigation progresses, reported Indian media.

Moreover, the Economic Offences Wing (EOW) of the Mumbai Police has also summoned Kundra once again to question him in the fraud probe.

Notably, Kundra and Shetty were charged by the EOW last month for allegedly cheating businessman Deepak Kothari of INR60.48 crores in a loan-cum-investment arrangement tied to their now-defunct company.

Kothari, director of Lotus Capital Financial Services, filed the complaint under IPC Sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention), and claimed that the couple initially demanded the money at a 12% annual interest; however, they later convinced him to transfer it as an investment to avoid higher taxation, and promised him a monthly return and repayment of the principal amount.

The complainant, who reportedly transferred the money in 2015, before Shetty resigned from the company, discovered insolvency proceedings against the company for cheating another investor.

According to the police, the money was transferred and used for personal purposes.

The EOW is currently conducting a detailed investigation into the financial transactions, agreements, and the alleged misappropriation of funds.

Meanwhile, the lawyer of the Kundras has strongly denied the claims.