Businessman Raj Kundra has told the Economic Offenses Wing (EOW) of Mumbai Police that his company, Best Deal TV Pvt Ltd, had suffered massive financial losses after the 2016 demonetisation, as the company was heavily dependent on cash transactions. This revelation came during a detailed statement recorded by the EOW in connection with the ongoing Rs. 60 crore fraud case involving Kundra and his wife actress Shilpa Shetty.
Raj Kundra claims huge loss after demonetization; Says ‘cash-dependent model’ crippled his company in Rs. Investigation of fraud of Rs 60 crore
According to police officials, a team of four to five EOW officers visited the couple’s Mumbai residence last week and recorded their statements for about four hours. The move comes soon after the Bombay High Court questioned his request to travel abroad amid the ongoing investigation.
Kundra, whose statement was first recorded on September 15, reportedly provided additional details in the second round of questioning. According to a senior official, he told the police that the company had invested more than Rs. 20 crores in advertising and the same amount in setting up operations and staffing. However, when demonetization was implemented, the company’s cash-on-delivery model collapsed, leading to huge losses.
A police officer said Kundra mentioned that several Bollywood actors had appeared in the company’s advertisements and had submitted relevant documents. He said one actor and two actresses participated in the brand’s promotional campaigns, adding that their payments were still being verified. It was also revealed that Shilpa Shetty appeared in an advertisement for the company, although the payment was “not credited to her account.” Officials are now checking his bank records to verify the transactions.
Kundra’s company, Best Deal TV Private Limited, was a home shopping and online retail venture that ceased operations a few years after its launch. The ongoing case stems from a complaint filed by businessman Deepak Kothari, who alleged that Kundra and Shetty took Rs 60 crore in the guise of business investments but failed to return the money.
The EOW has already issued a Look-Out Circular (LOC) against the couple, and investigation is underway to trace the flow of funds and verify the claims made by the businessman. With Kundra’s latest statement highlighting the financial failings linked to demonetization, new details surrounding the company’s collapse and alleged misappropriation of investors’ funds continue to emerge.
Read also: Bombay HC bans international travel of Shilpa Shetty and Raj Kundra in Rs 60 crore fraud case
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