EOW Finds Evidence Against Shilpa Shetty, Raj Kundra In ₹60-Crore Fund Diversion Case

Mumbai Police’s EOW finds evidence that Shilpa Shetty and Raj Kundra diverted funds from a ₹60-crore loan taken for Best Deal TV. Forensic audit ordered.

EOW Finds Evidence Against Shilpa Shetty, Raj Kundra In ₹60-Crore Fund Diversion Case

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The Mumbai Police’s Economic Offences Wing (EOW) has reportedly uncovered strong evidence suggesting that actor Shilpa Shetty and her husband, businessman Raj Kundra, diverted funds in a ₹60-crore cheating case involving a non-banking financial company (NBFC) owned by businessman Deepak Kothari.

According to sources cited by India Today TV, the alleged misappropriation dates back to 2015, when the couple’s company, Best Deal TV Pvt Ltd, borrowed funds from the NBFC. The EOW’s initial probe and recorded statements suggest that the money was siphoned off through multiple related entities.

EOW Orders Forensic Audit To Track Money Trail

Investigators have now decided to conduct a forensic audit through an independent consultant to trace the complete flow of funds and verify whether they were used to settle payments of other firms linked to the couple — including Satyug Gold, Viaan Industries, Essential Bulk Commodities Pvt Ltd, and Statement Media.

Officials suspect that the diverted amounts were falsely recorded as business expenditures such as broadcasting fees, international travel, warehousing, and office costs. EOW sources also revealed that several service vendors, including a courier company and a media solutions firm, were never paid despite claims of payments being made.

Raj Kundra, Shilpa Shetty’s Statements Under Review

Raj Kundra, who was earlier questioned for nearly five hours, reportedly told officials that the ₹60 crore was initially taken as a loan but was later converted into equity. He claimed that ₹20 crore was spent on broadcasting, celebrity endorsements, and promotions, naming Bipasha Basu and Neha Dhupia among those paid for campaigns.

However, the EOW detected discrepancies in the fund flow. Despite being a majority shareholder, Shilpa Shetty allegedly charged a ₹15-crore celebrity fee for endorsing Best Deal TV, shown as company expenditure. Shetty stated she received payment “as a model” via an ad agency linked to her.

No Valuation, Business Losses Cited

The EOW also pointed out that no valuation exercise was done before converting the loan into equity, raising further suspicion about the financial dealings. Kundra defended the company’s collapse, citing heavy post-demonetisation losses, as Best Deal TV largely relied on a cash-on-delivery model.

He also mentioned that several promotional videos and celebrity material were earlier seized by the Cyber Crime Cell during the pornography case investigation, which the EOW is now verifying.