"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 and actor Shilpa Shetty's husband 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. Asserting that he is cooperating with authorities, he said it is surprising that concerns are being raised nearly a decade later. 

Businessman Deepak Kothari has alleged that Raj Kundra and Shilpa Shetty conspired to cheat him of over Rs 60 crore that he had invested in their business. The money, Mr Kothari alleged, was actually spent on personal expenses.

Mr Kundra was questioned by the Economic Offences Wing of the Mumbai Police on Monday and has been asked to appear again next week. 

Speaking to NDTV on Tuesday, Mr Kundra said he has cooperated with authorities at every stage and provided documents even after the company went into liquidation in December 2016. 

"The company in question was a startup. Startups, by nature, carry risk - some succeed, many do not. In this case, every decision was taken transparently with the full knowledge and approval of the board of directors, including Mr Kothari's son. It is surprising that concerns are being raised nearly nine years later, when no such claims were made during liquidation," he said. 

On Mr Kothari's allegation that the money was given as a loan, and not equity investment, Mr Kundra said he has submitted share subscription agreements proving otherwise, adding that the complainant's balance sheet also reflected the investment "as an associate". 

"Not once, but twice, they invested in the same company within a year under their right of refusal. Best Deal TV was a pioneering celebrity home-shopping channel created on the lines of QVC, backed by industry veterans and over 20 celebrities. Unfortunately, with 90% of the business dependent on cash-on-delivery, the impact of demonetisation forced the channel, like many others in the sector, to shut down. These were circumstances far beyond anyone's control," Mr Kundra said. 

"I have always conducted my businesses with pride and integrity. I will continue to cooperate fully with the authorities and pursue the legal remedies available to me. I stand firm in my belief that truth prevails and that baseless allegations will not define me or my work," he added.