Kundra blames note ban for losses in biz

EOW records Shilpa Shetty’s statement in %60cr case

- Poonam Apraj

Businessman Raj Kundra told Mumbai police’s Economic Offences Wing (EOW) that his home shopping and online retail business suffered major losses due to the 2016 demonetisation, as it relied heavily on cash transactions.

The EOW is probing a Rs60-crore financial fraud case allegedly involving Bollywood actress Shilpa Shetty and her husband Kundra. During the interrogation, Kundra said his company, which sold electrical and household appliances, was severely affected by demonetisation, leading to a financial crisis and an inability to repay loans.