Bollywood actress Shilpa Shetty had to lay herself bare for grilling in the Economic Offences Wing of Mumbai Police for almost 4.5 hours in connection with a cheating case of around Rs. 60 crores. The investigation pertains to the financial irregularities linked with her and her husband Raj Kundra’s now-defunct home shopping company Best Deal TV Pvt Ltd. Shetty, allegedly, has recorded her statements at her place and also attached documents regarding transactions related to the banks of the company to the EOW officials for cross-verification.
This comes after EOW had recorded the statement of Raj Kundra earlier and also comes after a Look Out Circular (LOC) was issued against both the celebrity couple restricting their international travel amidst the ongoing probe. The legal scrutiny regarding the former business of the couple only becomes deeper, thus raising the dreaded question of what this celebrity presence effect will have on business failures.
The Core Allegations: Investment Misappropriation
The entire scam revolves around a complaint by Deepak Kothari, a businessman and director of Lotus Capital Financial Services. He stated that from 2015 to 2023, inducing him over ₹60 crore into Best Deal TV Pvt Ltd. Initially, he wanted to fund a loan but was allegedly persuaded to reroute the funds as an investment into the company with promises of monthly returns and repayment of the principal.
The very initial act of breach of trust, as per the complainant, is the subsequent misappropriation of these huge funds. The complaint has stated that the money which was to be utilized for business expansion was instead diverted for the personal benefit of the couple. The EOW is closely tracking this financial trail to determine if the money that went into the huge investment was deliberately abused, constituting criminal cheating and breach of trust.
Legal Status and Celebrity Involvement
The inquiry is part of a very complicated legal process, with the EOW looking into the different roles of all persons connected to Best Deal TV Pvt Ltd. Reports reveal that Shilpa Shetty resigned as a director of that company in September 2016. Nonetheless, interrogation by the EOW focused on her knowledge and her possible involvement in the financial transactions and day-to-day operations during and post her stint.
The case did provide a platform for Raj Kundra to allege that a part of the funds were paid as professional fees to other Bollywood celebrities. The seriousness of the situation can also be attested to by the beginning of the Look Out Circulars, which are generally issued to prevent suspects from leaving the country.
This action strongly emphasizes how seriously the authorities are taking the investigations into allegations of large-scale financial fraud and stresses that very high-profile business dealings must now account.
A recent media graduate, Bhumi Vashisht is currently making a significant contribution as a committed content writer. She brings new ideas to the media sector and is an expert at creating strategic content and captivating tales, having working in the field from past four months.
