In recent developments, the Income Tax Department has reportedly conducted searches at Bastian Dadar, a restaurant associated with actress Shilpa Shetty. While details are still emerging, this action unfolds amidst other significant events involving Shetty and her husband, Raj Kundra, including a fraud case and the closure of another of Shetty's restaurants.
The searches by the Income Tax Department come at a sensitive time for Shetty and Kundra, who are already embroiled in a ₹60 crore fraud case. Businessman Deepak Kothari has accused the couple of defrauding him in a loan and investment scheme linked to their now-defunct company, Best Deal TV Pvt Ltd. Kothari alleges that funds provided for business growth between 2015 and 2023 were misappropriated and used for personal expenses.
According to Kothari, he was approached in 2015 by an agent seeking a loan of ₹0.75 billion at 12% annual interest for Best Deal TV Pvt Ltd. Kothari claims that the agreement shifted from a loan to an investment, with him transferring ₹319.5 million in April 2015 and another ₹285.4 million between July 2015 and March 2016, totaling over ₹0.604 billion. He further alleges that Shilpa Shetty provided a personal guarantee in April 2016 but resigned as director of Best Deal TV by September, after which the company faced insolvency proceedings. Kothari accuses Shetty and Kundra of running a conspiracy to cheat him, alleging that they avoided repayment.
In response to these allegations, Shetty and Kundra's lawyer, Prashant Patil, has denied all claims, stating that they are civil in nature and have already been adjudicated by the NCLT Mumbai. Patil maintains that the allegations are baseless and intended to tarnish the couple's image, asserting that auditors have submitted all necessary documents and cash flow statements to investigating agencies.
Adding to the couple's woes, Shilpa Shetty recently announced the closure of Bastian Bandra, another of her restaurants, with its final day of operation being September 4, 2025. While Shetty attributed the closure to the end of an era and hinted at new ventures, it coincided with the ongoing fraud case, leading to speculation about a possible connection. Shetty clarified that the Bastian brand would continue with new ventures.
The Economic Offences Wing (EOW) of the Mumbai Police has issued a Look Out Circular (LOC) against Shetty and Kundra, indicating that investigators have been reviewing their travel logs. This action suggests a heightened level of scrutiny and a potential attempt to prevent the couple from leaving the country.
It is important to note that investigations are ongoing, and the Income Tax Department's searches at Bastian Dadar, as well as the fraud allegations against Shetty and Kundra, are yet to be fully resolved. Further updates are expected as the investigations progress.
