Delhi Police commissioner Neeraj Kumar confirmed to the media that Kundra made bets on Rajasthan Royals.
“Raj Kundra admitted to betting on his own team. We have also found out that he suffered significant losses while betting. All his bets happened via (Umesh) Goenka, who is a bookie," he said.
Police have asked Kundra not to leave the country.
Delhi Police sources said that Kundra was quizzed for about 10 hours yesterday.
A senior Delhi Police official had yesterday refused to specify whether Kundra is a "suspect or complainant", stating he was an "important person" needed for questioning.
Police sources claimed that Kundra was into betting but not into fixing. Their questioning was basically into betting, police sources said.
Police had also questioned Kundra's business partner and friend Umesh Goenka.
Sources said the name of Goenka, with whom Kundra owns a company dealing in steel business, came during the recording of statement of Rajasthan Royal player Sidharth Trivedi, a prosecution witness in the case.
In his statement recorded before a magistrate, sources said, Trivedi claimed that Goenka approached him and sought details about the cricket pitch in Ahmedabad and details about team formations.
Kundra, a British national, has 42% stake in the steel business with Goenka who has 16% shares in the firm, they said.