Raj Kundra Reacts To Cheating Allegations By A Businessman: I've Been Subjected To Harassment For 6 Years

Raj Kundra has addressed allegations of cheating made by businessman Deepak Kothari. An audio clip about their business transaction surfaced recently. Raj, along with his wife Shilpa Shetty, had earlier denied claims through their lawyer that the Economic Offences Wing (EOW) booked them for allegedly defrauding Deepak of ₹60.4 crore.

Raj clarified that Deepak invested ₹60.4 crore in Best Deal TV Pvt. Ltd. in 2015, not as a loan but as an equity investment. He explained that equity investments come with ownership risks and rewards, unlike creditor rights. The investment was publicly announced on online portals.

Business Challenges and Financial Losses

The company, however, never progressed beyond its start-up phase and shut down nine years ago. Raj mentioned he personally faced financial losses exceeding ₹50 crore due to this venture. He stated that demonetisation severely impacted their cash-on-delivery model, leading to the company's liquidation.

Deepak's son, Udai Kothari, was actively involved as a director and attended board meetings, being fully aware of the company's situation. Despite this involvement, no claim was filed before the NCLT nor were objections raised during liquidation.

Response to Allegations

Raj emphasized that they provided all necessary documents to the EOW during its preliminary inquiry. These records demonstrated the equity nature of Deepak's investment and transparent financial conduct of the company. The EOW did not object to any submitted documents.

He expressed frustration over being unfairly targeted by these claims, stating that demanding equity investments back post-liquidation is a misuse of influence and mocks the system. "For the past six years, I have been subjected to relentless harassment through misuse of the investors government contacts, despite having conducted all my business dealings transparently and in good faith," Raj added

Impact on Personal and Professional Life

The businessman-turned-actor shared his pride in Best Deal TV employing over 500 people directly and indirectly during its operation. Although its closure was a setback, he maintained that his global business dealings have always been conducted with integrity.

"I take pride in the fact that Best Deal TV employed over 500 people directly and indirectly during its operation," Raj said. "While the company's closure was a significant setback, I have always conducted my business worldwide with integrity and without controversy."

Raj concluded by expressing his distress over facing relentless harassment through misuse of investors' government contacts despite conducting business transparently and in good faith for six years.