(Image source from: Ndtv.com)

The Economic Offences Wing (EOW) of the Mumbai Police has uncovered evidence suggesting that film star Shilpa Shetty and her husband Raj Kundra misappropriated money related to a cheating case worth Rs 60 crores filed by a non-banking financial company (NBFC) in 2015, according to sources. EOW officials stated that initial investigations and witness statements pointed out that money borrowed from businessman Deepak Kothari's NBFC for their company Best Deal TV Pvt Ltd was misdirected and stolen through associated companies. Police sources mention that EOW plans to perform a forensic audit via an outside consultant to track the precise movement and usage of the funds. Officials explained that the audit will reveal how the money was misused and if it was employed to settle debts with other companies allegedly connected to Shetty and Kundra, including Satyug Gold, Viaan Industries, Essential Bulk Commodities Pvt Ltd, and Statement Media.

Authorities suspect the money was recorded as business expenses like international travel, broadcasting, storage, and office fees, which might have been falsified. EOW sources also indicated that multiple vendors, such as a courier service and a media solutions company hired by Best Deal TV, received no payments, despite the couple's claims. The agency will soon call in former employees from these companies to collect their statements. Previously, Raj Kundra was interrogated for almost five hours. He allegedly told investigators that the Rs 60 crores was initially borrowed as a loan but later changed into equity. He stated that Rs 20 crores was used for broadcasting costs, celebrity endorsements, and other marketing expenses. Kundra mentioned actresses Bipasha Basu and Neha Dhupia among those compensated for brand promotions and provided photographs as evidence.

However, the EOW discovered inconsistencies in how the funds were handled. Even though Shilpa Shetty was the major shareholder, she reportedly charged a Rs 15 crore fee for endorsing Best Deal TV, which was recorded as a company expense. Shetty informed officials that she received payment as a model through an advertising agency connected to her. Officials also pointed out that no valuation was conducted before giving equity shares to the complainant's NBFC, raising additional doubts. Kundra asserted that their business faced significant losses because of demonetisation as it mainly relied on cash-on-delivery sales, ultimately leading to its closure. He further claimed that promotional materials and videos featuring other celebrities were previously confiscated by the Cyber Crime Cell during the investigation of the pornography case, a claim the EOW is currently verifying.