Actress Shilpa Shetty Interrogated for Over Four Hours by EOW in Alleged ₹60 Crore Fraud Case

Bollywood actor and entrepreneur Shilpa Shetty was subjected to an extensive session of questioning by the Mumbai Police’s Economic Offences Wing (EOW) on Monday in connection with an alleged financial fraud case amounting to approximately ₹60 crore. The interrogation, which lasted for about four and a half hours, is part of the ongoing high-profile investigation that also involves her businessman husband, Raj Kundra.

Sources within the EOW confirmed that the actor’s statement was recorded as part of the formal probe. The investigation centers on allegations that Shetty and Kundra cheated a businessman through a loan-cum-investment agreement linked to their now-defunct firm, Best Deal TV Pvt Ltd, a home shopping and online retail platform.

The Core Allegations

The case stems from a criminal complaint lodged by businessman Deepak Kothari, a director at Lotus Capital Financial Services Ltd. Kothari has accused the couple and other associated individuals of defrauding him of over ₹60 crore, a sum allegedly acquired between 2015 and 2023.

According to the complaint, Shetty and Kundra allegedly approached Kothari in 2015 seeking a large loan for their company, Best Deal TV Pvt Ltd. They reportedly convinced the complainant to transfer the funds as an “investment” rather than a loan, assuring him of monthly returns and the eventual repayment of the principal amount. Kothari claims to have transferred the substantial amount in two tranches under a share subscription and a supplementary agreement, with the money being credited to the company’s bank accounts.

The businessman further alleges that subsequent attempts to recover the funds failed, and he eventually found that the money was purportedly used for the personal benefit of the couple instead of business expansion, as promised. The EOW is currently scrutinizing the financial transactions of Best Deal TV Pvt Ltd to determine the trail and final usage of the funds.

Investigation Status and Lookout Circular

EOW officials have stated that the statements of five individuals, including Raj Kundra, have been recorded so far in connection with the investigation. Kundra’s statement was previously recorded for over five hours in September.

Earlier, the Mumbai Police issued a Look Out Circular (LOC) against both Shilpa Shetty and Raj Kundra. This measure is typically used by authorities to prevent individuals from leaving the country or to monitor their travel movements while an investigation is underway. The couple had recently approached the Bombay High Court seeking the temporary suspension of the LOC to allow them to travel abroad for professional and personal commitments, a request which the court did not grant interim relief for at the initial hearing.

Defence Counterarguments

Meanwhile, the legal team representing Shilpa Shetty and Raj Kundra has vehemently denied the allegations, labeling the case as “baseless and malicious.” Their lawyers have asserted that they will present their “truth” and all necessary supporting documents, including detailed cash flow statements, to the investigating agencies. They have also pointed out that Shilpa Shetty had resigned from the company in question in September 2016.

The intensive questioning of Shilpa Shetty underscores the gravity of the ongoing probe, as the EOW continues its detailed investigation into the alleged large-scale financial irregularity. Further rounds of questioning and scrutiny of financial records are expected as the authorities work to unravel the complete picture of the multi-crore fraud case.