Mumbai Police’s Economic Offences Wing (EOW) recently recorded actress Shilpa Shetty’s statement for about 4.5 hours at her Mumbai residence in connection with a ₹60 crore alleged fraud case. The investigation revolves around charges filed by businessman Deepak Kothari, who claims that investments made in Shetty’s and her husband Raj Kundra’s advertising company were misappropriated.
Shetty reportedly submitted detailed bank statements and supporting documents, which are now being examined by investigators as part of an ongoing probe into the financial activities of the company.
Lengthy Questioning and Investigation Details
In the latest development of the case, Shilpa Shetty was questioned intensively by the EOW. The actress provided comprehensive information on her company’s bank accounts as well as transaction details. According to officials, the documents submitted by her are being thoroughly scrutinised to track the movement of funds and verify compliance with financial regulations.
This interrogation follows the questioning of Raj Kundra, Shetty’s husband, and other individuals linked to the company. Investigators have revealed that substantial amounts were transferred to various accounts of Bollywood actresses and production houses, raising questions about the nature and legitimacy of these transactions.
EOW sources mentioned that further questioning and legal actions will depend on the outcomes of the ongoing financial review. Shetty’s legal representatives have consistently maintained her innocence and assured full cooperation with the probe.
Background of the Fraud Allegations
The fraud allegations originated from a complaint lodged by Deepak Kothari, director of Lotus Capital Financial Services. He accused Best Deal TV Pvt Ltd, a Mumbai-based company co-owned by Shilpa Shetty and Raj Kundra, of diverting over ₹60 crore invested for business purposes into personal expenses and benefits. The company was involved in promoting lifestyle products through an online platform between 2015 and 2023. Kothari’s complaint states that the funds were given as loans or investments with agreed terms of repayment and profit sharing, which reportedly did not happen.
The Economic Offences Wing has recorded statements from multiple people linked to the company and earlier issued a lookout circular for Shetty and Kundra. The investigation is now focused on tracing the flow of funds, identifying beneficiaries, and confirming allegations of cheating and criminal breach of trust.
Best Deal TV Pvt Ltd: The Company at the Centre of the Case
Best Deal TV Pvt Ltd was launched in 2015 as India’s first celebrity-based teleshopping channel, co-founded by Bollywood actors Shilpa Shetty, Raj Kundra, and Akshay Kumar. The company aimed to sell lifestyle, health, fashion, and beauty products primarily to middle- and upper-class homes through a cash-on-delivery model. Celebrities on the channel were intended to co-own and promote their brands, creating a unique blend of entertainment and commerce. However, the channel faced financial setbacks following the 2016 demonetisation, leading to a suspension of operations and eventual closure.
The company reportedly burnt through significant capital, with insolvency proceedings beginning as early as 2017. Part of the ongoing investigation includes scrutiny of transactions where Raj Kundra transferred approximately ₹15 crore to a company owned by Shilpa Shetty, with authorities reviewing the purpose and legitimacy of such payments.
The Logical Indian’s Take
Cases involving celebrity names often attract intense public attention, which can sometimes overshadow the principle of innocent until proven guilty. The Logical Indian urges a balanced perspective that respects due process and prioritises transparency and fairness.
Public figures have a responsibility to maintain ethical standards, especially in financial matters where public trust is at stake. At the same time, comprehensive investigations must ensure justice without prejudice or sensationalism. This case shines a light on wider issues of financial accountability in business ventures linked to celebrities.
