Mumbai Police have issued a lookout circular against actress Shilpa Shetty and her husband, businessman Raj Kundra, in connection with an alleged ₹60 crore cheating case. The Economic Offences Wing (EOW) is investigating the case, which involves a complaint filed by businessman Deepak Kothari.
Kothari, a Juhu resident and director of Lotus Capital Financial Services, alleges that between 2015 and 2023, Shetty and Kundra took approximately ₹60 crore from him under the guise of expanding their business, Best Deal TV Pvt Ltd, a now-defunct home shopping and online retail platform. However, he claims the funds were instead used for personal expenses. Kothari states that he was promised a 12% annual interest on the money, with Shetty providing a written personal guarantee in April 2016 for the return of the funds within a specific timeframe. He further alleges that Shetty resigned as a director of the company a few months later, a development he was not informed about. Kothari also claims he was unaware of an existing insolvency case of ₹1.28 crore against the company.
The Mumbai Police's decision to issue a lookout circular is reportedly due to the couple's frequent international travels. This measure aims to prevent them from leaving the country while the investigation is ongoing. The police are also examining the travel logs of Shetty and Kundra, and the firm's auditor has been summoned for questioning.
Shetty and Kundra have denied the allegations, calling the case "baseless and malicious" and claiming it is an attempt to malign them. Their lawyer, Advocate Prashant Patil, stated that the case is purely civil in nature and has already been adjudicated by the NCLT (National Company Law Tribunal) in Mumbai on October 4, 2024. He added that the company faced financial distress, leading to a legal battle at the NCLT, and that the investment agreement in question was an equity investment. The lawyer also mentioned that the company has received a liquidation order, which has been presented to the police, and that their chartered accountants have visited the police station multiple times with evidence supporting their claims.
This is not the first time Raj Kundra has been embroiled in legal trouble. In December 2024, he was summoned by the Enforcement Directorate (ED) in connection with a money laundering case related to the alleged illegal distribution of pornographic movies. In 2023, the ED also attached assets worth ₹98 crore belonging to Kundra and Shetty in a cryptocurrency case.
The closure of Shilpa Shetty's restaurant, Bastian Bandra, has also been reported amidst these allegations. While there is no direct connection established, the timing of the closure coincides with the ongoing investigation into the ₹60 crore fraud case.
