Businessman Raj Kundra told Mumbai Police that demonetisation in 2016 caused major losses to his company. He said this during questioning in a ₹60-crore fraud case, NDTV reported.
The Economic Offences Wing (EOW) is investigating the case after businessman Deepak Kothari accused Kundra and his wife Shilpa Shetty of cheating him. Kundra said his company, which sold household and electrical goods, ran into financial trouble after demonetisation and failed to repay the borrowed money.
Police have questioned Kundra twice and plan to call him again soon. They also questioned Shetty for over four hours at her home on October 4. The couple owned Best Deal TV Private Limited, a now-closed home shopping and online retail firm.
Kothari claimed that between 2015 and 2023, the couple convinced him to invest ₹60 crore in their company but used the funds for personal gains.
Last month, Kundra and Shetty asked the Bombay High Court to lift the Look Out Circular (LOC) so they could travel abroad. The court refused leisure trips but agreed to review their plea if they deposit the full ₹60 crore. The next hearing is on October 14.
