Mumbai: Businessman Raj Kundra has told the Mumbai Police’s Economic Offences Wing (EOW) that his home shopping and online retail venture suffered major financial setbacks due to the 2016 demonetisation, as the company relied largely on cash transactions.

EOW Investigation

The EOW of the Mumbai Police is investigating a ₹60-crore financial fraud case allegedly linked to Bollywood actress Shilpa Shetty and her husband, businessman Raj Kundra. During interrogation, Raj Kundra reportedly told investigators that his business suffered major losses due to the demonetisation policy.

He explained that his company dealt in electrical and household appliances but was severely hit after the demonetisation drive, resulting in a financial crisis that left the firm unable to repay borrowed funds.

V

See Full Page