In a major breakthrough in the suspected ₹60-crore fraud case, the Economic Offences Wing (EOW) of the Mumbai Police has found that businessman Raj Kundra is suspected to have diverted about ₹15 crore into a bank account of a company belonging to his wife, Bollywood star Shilpa Shetty. The case involves Best Deal TV Pvt Ltd, a defunct celebrity-biased teleshopping channel floated by Shetty, Kundra, and actor Akshay Kumar.
Official sources say the ₹15 crore transaction is under the scanner as the investigators feel the amount is way too high for what may normally be paid as charging for advert and promotional services. The EOW, therefore, is going to call for questioning Shilpa Shetty to ascertain the validity and intent of the transaction. She will be questioned on billing entries and on reconciling the cost of advertising the company allegedly incurred.
The EOW also added that some important documents remain to be filed by the Resolution Professionals (RPs) who were appointed for dealing with the finances of the company. These RPs were earlier called for questioning but have not presented all necessary documents, hampering the investigation process.
The investigation also revealed that a part of the total ₹60 crore funds was allegedly diverted to sister companies, which is indicative of another financial mismanagement and diversion of funds. Sources opined that the flow of funds could have been a deliberate plan to mask financial trail and keep the regulators in the dark.
Another important disclosure in the case relates to complainant Deepak Kothari, director at Lotus Capital Finance Services. He charged that he was deprived of an assured 26% equity stake in Best Deal TV Pvt Ltd. Investigators are suspecting this could be a tactical decision to steer clear of reporting shareholding trends to the National Company Law Tribunal (NCLT), violating compulsory disclosure norms.
Also Read: 60-crore cheating case: Raj Kundra Questioned For 5 Hours In Rs 60 Crore Fraud Case
Raj Kundra, who has been in the EOW’s radar, was questioned for more than five hours on September 15 at an unknown location to avoid media attention. “We recorded the statement of Kundra today and will call him again next week. Several witnesses are still to be identified,” an official stated.
As the probe goes deeper, further high-profile grilling can be anticipated. With Shilpa Shetty set to be called in and further rounds of interrogation for Kundra, the case continues to attract a lot of attention.
