Shilpa Shetty–Raj Kundra Fraud Case: Actress Couple to Give Statement in ₹60-Crore Investment Scam

Shilpa Shetty and Raj Kundra giving statements to Mumbai Police in ₹60-crore investment scam investigation

Mumbai, September 16, 2025 — Bollywood actress and book author Shilpa Shetty has been called to the Crime Branch office of Mumbai Police for questioning in connection with charges surrounding her husband Raj Kundra’s alleged role in a ₹60-crore scam (approximately $10 million USD) that made national headlines. The investigation concerns accusations of financial fraud on a massive scale, which reportedly defrauded investors and resulted in significant losses.

Background of the Case

The case came to light earlier this year when several investors complained to law enforcement officials that they had been cheated after investing in projects offering abnormally high returns in a short time.

The investments were marketed via professional-looking documents and sales materials, lending the appearance of legitimacy.
The case drew attention not only because of the large sum of money involved but also due to alleged links to businesses and associates connected with Raj Kundra.

Important Notes:

Neither Shilpa Shetty nor Raj Kundra is formally accused at this stage.
Mumbai Police sought to record their statements to clarify financial transactions and determine any potential involvement.

The Day of the Statement

On Monday, the couple appeared at the Economic Offences Wing (EOW) office in Mumbai.
Raj Kundra arrived in the morning with his legal team. He was described as cooperative and professional, with questioning lasting several hours.
Shilpa Shetty gave her statement later, maintaining a calm demeanor despite media attention.

Topics covered during questioning:

Their involvement in the investment activities
Business partnerships
Financial transactions linked to the alleged scam

Police emphasized that recording statements is a routine procedure and does not imply guilt.

Allegations Surrounding the ₹60-Crore Scam

Investors allege that the scheme promised returns of 18–20% within six months.
It was promoted through aggressive marketing, including slick brochures, seminars, and online campaigns.
Some campaigns reportedly used celebrity images to gain credibility, but police found no evidence that Shilpa Shetty or Raj Kundra’s likenesses were misused.

Investigative Insights:

Authorities are following a complex web of financial transactions across dozens of companies and foreign accounts.
Early reports suggest that investor funds were diverted to shell companies and overseas accounts, making full recovery difficult.

The Couple’s Representatives on Legal Matters

Raj Kundra’s Lawyer:

“Mr. Kundra has submitted all required documents and clarified his business dealings. He is confident that once the facts are verified, he will be exonerated.”

Shilpa Shetty’s Spokesperson:

“Ms. Shetty is determined to cooperate fully with the police and provide transparency. She has always conducted her professional and personal pursuits with integrity.”

Past Controversies

Raj Kundra was previously involved in a case regarding production and distribution of adult content via mobile apps, attracting significant media coverage.
Shilpa Shetty publicly supported her husband during that episode.

Public Opinion:

The current investment case has divided fans, with many still supporting the couple, while others express concern on social media.
Hashtags related to the case have been trending nationwide, highlighting the public’s attention.

The Investigation Process

Police confirm the investigation is in its early stages, primarily focused on evidence gathering.
Senior EOW official:

“Taking statements from relevant parties is standard procedure. It helps us understand how money flowed and who was involved.”

Investigative Approach:

Forensic accountants and cybercrime specialists are tracking digital transactions.
The probe involves companies across multiple Indian states and foreign jurisdictions, potentially prolonging the investigation timeline.

Impact on Investors and Industry

Investor trust, especially among those attracted to high-return schemes, has been shaken.
Financial advisors urge due diligence before committing to similar projects.
Regulatory bodies, including SEBI, are closely monitoring the situation for potential advisories or enforcement actions.

Investor Response:

Some victims have formed collectives to file lawsuits and recover lost funds.
An anonymous investor said:

“We trusted these schemes and the people behind them. Now, we hope authorities help us recover our money.”

Juggling Professional Life Amid Legal Scrutiny

Shilpa Shetty:

Continues professional duties, including television shows and brand endorsements.
Friends describe her as determined and resilient, balancing career and legal cooperation.

Raj Kundra:

Staying away from public appearances, focusing on legal matters and documentation.
Friends note his determination to resolve the case swiftly.

What Lies Ahead

White-collar crime investigations of this scale may take months or even years.
Based on forensic audits and witness statements, authorities may either formally charge the couple or close the case.

Legal Implications:

If found complicit: significant fines and possible imprisonment under Indian law.
If cleared: the case serves as a cautionary tale about high-risk investments and the importance of due diligence.

Conclusion

The Shilpa Shetty–Raj Kundra investment fraud case highlights the complexities of policing financial crimes in the era of digital and cross-border investments.

The couple denies the allegations but remains under police scrutiny.
The coming months will determine whether they were directly involved or merely tangential players in a larger fraudulent operation.
Their cooperation with authorities, despite intense media attention, underscores the importance of transparency and accountability in high-profile financial matters.