Raj Kundra claims heavy losses after demonetisation; says ‘cash-dependent model’ crippled his company in Rs. 60 crores fraud probe

Businessman Raj Kundra has told the Mumbai Police’s Economic Offences Wing (EOW) that his company, Best Deal TV Pvt Ltd, suffered massive financial losses following the 2016 demonetisation, as the firm relied heavily on cash transactions. The revelation came during a detailed statement recorded by the EOW in connection with the ongoing Rs. 60 crore cheating case involving Kundra and his wife, actor Shilpa Shetty.

Raj Kundra claims heavy losses after demonetisation; says ‘cash-dependent model’ crippled his company in Rs. 60 crores fraud probe

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 nearly four hours. The move comes shortly after the Bombay High Court raised questions about their request to travel abroad amid the ongoing investigation.

Kundra, whose statement was first recorded on September 15, reportedly provided additional details in a second round of questioning. As per a senior officer, he informed the police that the company had invested over Rs. 20 crore in advertising and an equal amount in setting up operations and staffing. However, when demonetisation was introduced, the firm’s cash-on-delivery model collapsed, leading to substantial losses.

A police official stated that Kundra mentioned several Bollywood actors had featured in the company’s advertisements and submitted related documents. He said that one actor and two actresses participated in promotional campaigns for the brand, further adding that their payments are still being verified. It was also revealed that Shilpa Shetty appeared in one of the company’s advertisements, though the payment “was not credited to her account.” Authorities are now examining her bank records to verify the transactions.

Kundra’s company, Best Deal TV Pvt Ltd, 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 under the guise of a business investment but failed to return the money.

The EOW has already issued a Look-Out Circular (LOC) against the couple, and investigations are underway to trace the flow of funds and verify the claims made by the businessman. With Kundra’s latest statement highlighting financial setbacks linked to demonetisation, the probe continues to uncover new details surrounding the company’s collapse and alleged misuse of investor funds.

Also Read: Bombay HC blocks Shilpa Shetty and Raj Kundra’s international travel amid Rs 60 crores fraud case

BOLLYWOOD NEWS - LIVE UPDATES

Catch us for latest Bollywood News, New Bollywood Movies update, Box office collection, New Movies Release , Bollywood News Hindi, Entertainment News, Bollywood Live News Today & Upcoming Movies 2025 and stay updated with latest hindi movies only on Bollywood Hungama.