Raj Kundra, the husband of Bollywood actress Shilpa Shetty, is scheduled to appear before the Economic Offences Wing (EOW) of the Mumbai Police today, September 15, 2025, in connection with an alleged ₹60 crore (approximately $7.5 million USD) fraud case.

The case was registered after Deepak Kothari, a 60-year-old Mumbai-based businessman and director of Lotus Capital Financial Services, filed a complaint alleging that Shetty and Kundra misused funds he invested in their company, Best Deal TV Pvt Ltd, between 2015 and 2023. Kothari claims he was told that the couple held approximately 88% shares in Best Deal TV, a home-shopping and online retail platform.

According to Kothari, Kundra initially sought a loan of ₹75 crore at a 12% annual interest rate. However, Kothari alleges he was later persuaded to treat the amount as an investment with the promise of better returns and to avoid taxation. Kothari claims he transferred the funds in portions throughout 2015 but soon discovered the company was facing insolvency proceedings for allegedly defrauding another investor. Shilpa Shetty resigned as a director in 2016. When Kothari demanded repayment, he alleges Kundra delayed the process, citing the Covid-19 pandemic.

The EOW's preliminary inquiry reportedly found that Kothari's funds were indeed misused. Consequently, Shetty, Kundra, and an unidentified associate have been booked under sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention) of the Indian Penal Code.

In light of the investigation, the EOW issued a Look-Out Circular (LoC) against the couple to prevent them from leaving the country. The EOW has also summoned an auditor from the National Company Law Tribunal (NCLT) who was previously approached by the complainant. Kundra has been asked to provide documents such as his bank transactions from the past 10 years, the rent agreement for his office, and other documents relevant to the case.

Kundra, in an interview with India Today, denied any wrongdoing and expressed confidence that the truth would emerge. He stated, "Let's just wait and watch because that's life for you, and we have not said anything about it because we know we haven't done anything wrong. The truth will come out eventually. We've never done anything wrong in life, and we never will".

Previously, Shetty and Kundra's lawyer, Prashant Patil, also denied the allegations, stating they are civil in nature and have been adjudicated by the NCLT Mumbai on October 4, 2024. Patil stated the company went into financial distress and became entangled in a legal battle at the NCLT and that there was no criminality involved. He added that auditors have submitted all necessary supporting documents, including detailed cash flow statements, to the EOW. Patil has called the case "baseless and malicious," aimed at tarnishing Kundra and Shetty's reputation, and said they are taking action against those making false allegations.