• Source:JND
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Businessman Raj Kundra, husband of Bollywood actor Shilpa Shetty, has finally broken his silence on why he failed to repay a major loan in 2016. Speaking to investigating agencies, Kundra claimed that the government's sudden demonetisation move which invalidated Rs 500 and Rs 1000 notes disrupted his financial capacity, preventing him from clearing the dues.

This statement, reported by NDTV, comes amid an ongoing investigation into an alleged Rs 60 crore fraud.

The case revolves around a complaint filed by Mumbai-based businessman Deepak Kothari, who claims that Kundra and Shetty duped him under the guise of a loan-cum-investment deal connected to Best Deal TV Private Limited, a now-defunct home shopping and e-commerce venture. Both Shetty and Kundra were directors of the company at the time.

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A FIR was registered against the celebrity couple on August 14 for allegedly cheating Kothari out of nearly Rs 60 crore. As per the complaint, between 2015 and 2023, the couple reportedly diverted funds provided for business development towards personal expenses.

The Economic Offences Wing (EOW) of the Mumbai Police is currently handling the probe. Raj Kundra has been summoned to appear before the agency on September 15 to record his statement. Notably, although both Shetty and Kundra are named in the complaint, only Kundra has been asked to appear for questioning.

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The EOW issued a Look-Out Circular (LOC) against Kundra and Shilpa Shetty last week, so that the couple, which makes frequent international trips, would be stopped from leaving the country. The agency has, however, summoned Kundra alone to record his statement, the official said.

According to Kothari’s complaint, he initially transferred Rs 31.95 crore in April 2015 under a share subscription agreement, followed by another Rs 28.53 crore in September 2015 under a supplementary agreement. These amounts were credited directly to Best Deal TV’s bank accounts. The agreement allegedly offered a 12 per cent annual interest rate. However, the couple later urged Kothari to treat the money as an investment, promising monthly returns and eventual repayment of the principal amount.

Kothari alleges that all attempts to retrieve his money failed. He further claims that the couple used the funds "dishonestly" for personal gains. Matters escalated when he learned that insolvency proceedings had already begun against the company for similar allegations by another investor. Around this time, Shetty resigned as director of Best Deal TV.

In a recent development, the Bombay High Court has directed Kundra and Shetty to deposit Rs 60 crore if they wish to travel abroad, specifically to Los Angeles or any other foreign destination. The court has refused to suspend the LOC against them and declined their request for travel permission. The matter has been adjourned to October 14, as reported by LiveLaw.