Recent headlines have focused on both Shilpa Shetty's personal life and legal troubles. While details about an alleged affair remain unclear, the Economic Offences Wing (EOW) of the Mumbai police has issued Look-Out Circulars (LOCs) against Shilpa Shetty and her husband, Raj Kundra, concerning a ₹60.48 crore cheating case linked to their now-defunct company, Best Deal TV Pvt. Ltd. This action aims to prevent the couple, who frequently travel internationally, from leaving the country while the investigation is ongoing.
The fraud case stems from a complaint filed by Deepak Kothari, a Mumbai-based businessman and director of Lotus Capital Financial Services. Kothari alleges that between 2015 and 2023, Shetty and Kundra misappropriated funds he provided for business expansion, diverting them for personal use. The FIR, registered on August 13th at the Juhu police station, indicates that Kothari was introduced to Kundra through a mutual acquaintance and was informed that the couple held approximately 88% of the shares in Best Deal TV.
According to Kothari, the couple initially sought a loan of ₹75 crore with a 12% interest rate, but later convinced him to route the funds as an "investment" to reduce taxation, promising monthly returns and principal repayment. He claims to have transferred ₹31.95 crore in April 2015 under a share subscription agreement and an additional ₹28.53 crore in September 2015 through a supplementary agreement, with the funds being deposited into the company's HDFC Bank accounts. Shilpa Shetty resigned as a director of the firm in September 2016, and by 2017, insolvency proceedings were initiated against Best Deal TV for defaulting on another agreement. Kothari alleges that repeated attempts to recover the funds through an associate, Rajesh Arya, failed, leading him to file a formal complaint. Mumbai Police have registered an FIR under sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention) of the Bharatiya Nyay Sanhita (BNS).
Adding to their legal challenges, this is not the first time the couple has faced accusations of fraud. Earlier in the year, Prithviraj Kothari, managing director of Riddhi Siddhi Bullions, accused Shilpa Shetty and Raj Kundra of defrauding an investor in a gold scheme. Furthermore, Raj Kundra was arrested by Mumbai Police in 2021 in connection with a case involving adult content and was later released on bail. He is also reportedly facing a separate money laundering probe related to a Bitcoin fraud.
On a personal front, Raj Kundra and Shilpa Shetty's relationship has also been a topic of discussion. Raj Kundra shared details of his love story with Shilpa Shetty with Farah Khan. Raj Kundra and Shilpa Shetty first met in 2007. They fell in love and tied the knot in a grand ceremony in 2009. Despite facing numerous challenges, including Raj Kundra's arrest and the current fraud allegations, Shilpa Shetty has remained supportive of her husband.
