"Baseless, Claims Made 9 Years Later": Raj Kundra On Rs 60-Crore 'Fraud'
A day after his statement was recorded by the Mumbai Police in an alleged Rs 60-crore fraud case, businessman Raj Kundra has said the company in which the complainant had invested was liquidated nine years ago and no claims were made at the time.
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Raj Kundra has fully cooperated with authorities throughout the investigation.
Mumbai:
Following his interview with Mumbai Police regarding an alleged Rs 60-crore fraud case, businessman Raj Kundra, husband of actress Shilpa Shetty, has addressed the accusations. He emphasized that the company in question was liquidated nine years ago without any claims raised during that period. Kundra expressed surprise that allegations are surfacing nearly a decade later, while affirming his continued cooperation with authorities.
Deepak Kothari, a businessman, has claimed that Raj Kundra and Shilpa Shetty fraudulently misappropriated over Rs 60 crore of his investment for personal expenses. The Economic Offences Wing of Mumbai Police questioned Kundra on Monday and requested his presence again next week for further investigation.
In his statement to NDTV on Tuesday, Kundra confirmed his full cooperation with authorities, noting that he has provided all requested documentation even after the company was liquidated in December 2016.
"The company was a startup venture, and startups inherently carry risks—some find success while many fail. Every business decision was made with complete transparency and received approval from the entire board of directors, including Mr. Kothari's son. It's particularly concerning that these allegations are emerging almost nine years later, when no such claims were presented during the liquidation process," Kundra stated.
Responding to Kothari's assertion that the money was provided as a loan rather than equity, Kundra mentioned he has submitted share subscription agreements as evidence to the contrary. He added that the complainant's own balance sheet recorded the transaction "as an associate".
"They invested in the same company twice within a one-year period under their right of refusal. Best Deal TV was an innovative celebrity home-shopping channel modeled after QVC, supported by industry experts and more than 20 celebrities. Unfortunately, with 90% of our business relying on cash-on-delivery transactions, the demonetization policy forced our channel to close, along with many others in the industry. These circumstances were completely beyond our control," Kundra explained.
"I've always conducted my business affairs with honor and integrity. I will maintain full cooperation with authorities and pursue all legal options available to me. I remain confident that the truth will prevail and that unfounded accusations will not define my character or professional accomplishments," he concluded.