Mumbai, September 15, 2025: Bollywood actor Shilpa Shetty’s husband Raj Kundra, a well-known businessman and film producer, is likely to be present for questioning at the Mumbai Police’s Economic Offences Wing (EOW) today as part of an investigation into a ₹60-crore fraud case.
Kundra has been called in to record his statement in a case involving large-scale investment fraud and the misappropriation of funds through a network of shell companies and digital platforms, officials said.
The Case at a Glance
- The EOW initiated an inquiry earlier this year after numerous investors complained of being duped in a high-return investment scheme.
- Initial probes revealed that over ₹60 crore was collected from thousands of individuals, including small traders and shopkeepers, using misleading schemes promising lucrative profits, Tamil media reported.
- Investigators suspect the money was funnelled through a labyrinth of companies in India and abroad, some believed to be linked to Kundra’s business interests in digital entertainment and fintech ventures.
- Although Kundra has not been named an accused, the notice requires him to explain the nature of his relationship with these entities and provide related documents.
Timeline of the Investigation
- June 2025: The case was first registered after complaints from at least two dozen investors in Mumbai and Pune.
- July 2025: The EOW tracked transactions through bank accounts and multiple cryptocurrency exchanges, which allegedly concealed the actual beneficiaries.
- August 2025:
- Police searched several properties associated with the key suspects’ associates.
- Electronic devices, financial documents, and encrypted communication logs were seized.
- Investigators believe these records may reveal the structure of the suspected scam, including its masterminds and participants.
The summons for Kundra followed new leads uncovered in late August, when forensic audits indicated that some companies—particularly from the digital entertainment sector—may have acted as conduits to route investor funds. The EOW will now ask Kundra to clarify his links with these companies.
Kundra’s Business Interests and Past Scrutiny
- Background: Raj Kundra, a British-Indian entrepreneur, has interests ranging from real estate to online entertainment and sports.
- Over the years, he has invested in startups, cryptocurrency networks, and numerous digital media projects.
- He first gained prominence in the early 2010s as a co-owner of an Indian Premier League (IPL) cricket team, later exiting after the league faced spot-fixing and betting scandals.
Previous Legal Issues
- In 2021, Kundra was accused in a separate case of producing and distributing adult content on mobile applications—charges he has consistently denied.
- He was released on bail after a few months, and that case remains before the court.
- This past legal record has heightened public interest in his latest summons, even though the current probe concerns a different set of financial allegations.
Statements from the Parties Involved
Neither Raj Kundra nor Shilpa Shetty has released an official statement regarding today’s expected appearance.
A senior EOW officer, who requested anonymity as the inquiry is ongoing, stated:
“We have requested Mr. Kundra’s assistance in certain financial transactions and business linkages. His input will be critical in making us understand whether or not he had taken part directly or indirectly in the alleged scam.”
- Kundra’s lawyers have reportedly indicated he will cooperate fully.
- People close to the family say he plans to present bank records, company filings, and communication logs to demonstrate transparency.
Shilpa Shetty’s Stand
- Shilpa Shetty, an actress and entrepreneur, has continued her professional commitments, including serving as a judge on a popular TV dance reality show.
- She has not commented on the investigation.
- Friends of the couple describe them as “determined to confront the matter head-on” and insist Kundra has nothing to do with the alleged fraud.
Industry insiders note that Shetty has kept her acting assignments separate from her husband’s business ventures, focusing instead on her entertainment projects and wellness brands.
Analysts’ Views on the Money Claims
- Complexity of the Case:
“With these kinds of cases there is complexity because you have to cross jurisdictions and also new-age financial instruments are involved,” explains Dr. Meera Joshi, a Mumbai-based economist.
“Even if you’re not the architect, the law examines where the money is coming from and how closely company directors or major investors are overseeing things.” - Legal Perspective:
Senior advocate Ramesh Kulkarni warns against hasty conclusions: “A call-out is a chance for clarification. If Mr. Kundra offers proof showing he was far removed from the operations of the said entities, the investigation can move on to other accused persons.”
Public and Media Attention
- Kundra’s association with prominent celebrities has sparked widespread public curiosity.
- News channels have stationed reporters outside the EOW office, and social media platforms are buzzing with speculation.
- Supporters urge that the couple be treated fairly and justly, while others raise concerns about investor rights in India’s fast-growing fintech sector.
Media expert Anjali Menon cautions:
“Most popular trials are actually media battles. In the buildup to the eventual EOW findings, it’s crucial to separate confirmed details from mere hearsay.”
Possible Next Steps
- Depending on today’s questioning, the EOW may decide whether to:
- Pursue further fact-finding,
- Bring formal accusations,
- Expand the investigation to other respondents, or
- End proceedings against Kundra.
- If sufficient evidence of wrongdoing emerges, Kundra might face charges under relevant sections of the Indian Penal Code (IPC) and the Prevention of Money Laundering Act (PMLA), which could lead to heavy fines or imprisonment.
- Without formal charges, the immediate focus remains on tracing the flow of funds and identifying all responsible parties.
Broader Implications for Financial Regulation
The ₹60-crore case highlights the risks of high-return schemes, especially those linked to cryptocurrency and online investments.
Financial expert Naveen Bhatia observes:
“When digital finance is paired with intense marketing, it generates opportunities for fraud if left unchecked. Cases like this might push authorities to hasten stricter KYC norms and mandatory audits.”
Conclusion
Raj Kundra is set to appear before the Economic Offences Wing under challenging circumstances. Although no formal charges have been filed, today’s questioning will be pivotal—either clearing his name or taking the investigation to the next stage.
