Raj Kundra and Shilpa Shetty cite demonetisation for Rs 60 crore debt in fraud case

In his statement to the police, Bollywood actress Shilpa Shetty’s husband, Raj Kundra, stated that his business suffered huge losses due to demonetisation and revealed it is the reason behind the debt. 

The Mumbai Police’s Economic Offences Wing (EOW) is investigating an alleged Rs 60 crore financial fraud case involving actress Shilpa Shetty and her husband, Raj Kundra.

Suffered huge losses during demonetisation: Raj Kundra

During interrogation, businessman Raj Kundra told the EOW that his company was engaged in the electrical and household appliances business, but after demonetisation, the company suffered a significant financial setback. Kundra said that due to the financial crisis, the company was unable to repay the borrowed amount.

Shilpa was questioned for several hours too

The EOW interrogated actress Shilpa Shetty for approximately four and a half hours in this case, while Raj Kundra’s statement was recorded for the second time. Officials said Kundra will be summoned again in the coming weeks in connection with the investigation.

Foreign travel banned for Shilpa and Raj

Previously, the Bombay High Court rejected Shilpa and Raj’s petition to travel abroad. The court ordered that if they wish to travel abroad to Los Angeles, USA, or elsewhere, they must first deposit Rs 60 crore (approximately $1.5 billion). The court also refused to stay the Lookout Circular (LOC) issued against them.

What is the whole matter?

Raj Kundra and Shilpa Shetty are accused of causing a loss of Rs 60 crore (approximately $1.5 billion) to businessman Deepak Kothari in a loan-cum-investment deal. Following this, Kothari filed a complaint against the couple at the Juhu police station in August. Following the complaint, the EOW is investigating the matter.

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