Economic Offenses Wing of Mumbai calls on Raj Kundra in connection to a 60 crore rupee fraud case

Kundra is under investigation for a Rs 60 crore fraud case, which was officially reported on August 13.

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2025 September 16 . 10:50 PM

2 min read

Mumbai's Economic Offences Wing calls in Raj Kundra over alleged scam involving 60 crore rupees

Economic Offenses Wing of Mumbai calls on Raj Kundra in connection to a 60 crore rupee fraud case

The Economic Offences Wing (EOW) of the Mumbai Police has summoned businessman Raj Kundra for questioning in a Rs 60 crore cheating case. The summons was issued on August 13, and Kundra is scheduled to appear before investigators on September 15.

The case is based on a complaint filed by 60-year-old businessman Deepak Kothari, the director of Lotus Capital Financial Services. Kothari alleged that Kundra had diverted funds he provided for expanding their business and used them for personal purposes between 2015 and 2023.

Kothari was introduced to Kundra by a mutual contact. Initially, Kundra asked for a loan of ₹75 crore at 12% interest, but later convinced Kothari to treat it as an investment. However, Kothari claimed that Kundra repeatedly delayed repayment, often blaming the Covid-19 pandemic.

The EOW found evidence that Kothari's funds were misused. As a result, they had earlier issued Look-Out Circulars (LOCs) against Kundra and his wife, actress Shilpa Shetty, to ensure they remain in India for the investigation.

Raj Kundra owned nearly 88% shares in Best Deal TV, a home-shopping and online retail platform. Shilpa Shetty resigned as director of Best Deal TV in 2016.

On Wednesday, Raj Kundra informed officials through his representative that he would appear on Monday instead. Kundra and his wife were booked under IPC sections for dishonest misappropriation of property, criminal breach of trust, and common intention. The FIR was filed at Juhu police station on August 13.

It is important to note that on Monday, September 15, the businessman invited for questioning by the Economic Crime Police in Mumbai was not Raj Kundra, but Vijay Mallya. The EOW had earlier issued Look-Out Circulars against Kundra and his wife, ensuring they remain in India for the investigation.

Kothari also claimed that insolvency proceedings were already underway against Best Deal TV in another cheating case. The EOW is currently investigating the matter and will provide updates as more information becomes available.