'Truth will come out eventually': Raj Kundra on defrauding allegations
What's the story
Raj Kundra, a businessman and producer, has spoken out about recent allegations of cheating against him and his actor wife, Shilpa Shetty Kundra. Speaking to India Today during a promotional event for his Punjabi film Mehar in Delhi, he maintained that neither of them had done anything wrong. He expressed his faith that the truth would prevail.
Statement
'Let's just wait and watch,' says Kundra
When asked about the ₹60 crore cheating case against him and Shetty Kundra, Kundra acknowledged that controversies often surround their lives but remained unfazed. He said, "Let's just wait and watch because that's life for you, and we have not said anything about it because we know we haven't done anything wrong." "The truth will come out eventually."
Legal proceedings
LOC issued against both; Kundra summoned
Mumbai Police recently issued a lookout circular (LOC) against Kundra and Shetty Kundra in connection with the cheating case. The businessman has been summoned by the Economic Offences Wing (EOW) on September 15. The couple is accused of misusing nearly ₹60 crore from Best Deal TV for personal gain through a loan-cum-investment deal. Deepak Kothari, a businessman based in Mumbai, has alleged that the funds were diverted from their original purpose of business expansion between 2015 and 2023.
Details
Allegations of tax evasion and loan defaults
Kothari claims that the pair initially requested a loan of ₹75 crore at 12% interest but later convinced him to treat it as an "investment" to avoid taxes. They allegedly promised monthly returns and repayment of the principal amount. Based on these assurances, Kothari reportedly transferred ₹31.95 crore in April 2015 and another ₹28.53 crore in September 2015.
Company shares
Last year, they were accused of fraud in gold scheme
Kundra and Shetty reportedly held 87.6% of Best Deal TV's shares. In September 2016, Shetty stepped down as the director of the firm, which later faced insolvency proceedings for defaulting on payments. The Mumbai Police have filed an FIR under Bharatiya Nyay Sanhita (BNS) sections 403, 406, and 34. This marks their second cheating case in recent times, as Prithviraj Kothari had earlier accused them of defrauding in a gold scheme.