Shilpa Shetty Kundra and her husband, Raj Kundra, are facing legal trouble after being booked by the Economic Offences Wing (EOW) of the Mumbai Police for allegedly defrauding a Mumbai-based businessman of ₹60.4 crore. The case revolves around a loan-cum-investment deal linked to their now-defunct company, Best Deal TV Pvt Ltd.
The complainant, Deepak Kothari, a 60-year-old director of Lotus Capital Financial Services, an NBFC, alleged that he was cheated out of ₹60 crore by the couple. According to the FIR, Kothari was introduced to Shetty and Kundra by Rajesh Arya, and the couple, who held 87.6% shares in Best Deal TV at the time, initially sought a loan of ₹75 crore at a 12% interest rate. However, they later allegedly persuaded him to route the funds as an "investment" to avoid higher taxation, promising monthly returns and repayment of the principal.
Kothari claims he transferred ₹31.9 crore in April 2015 under a share subscription agreement, followed by another ₹28.53 crore in September 2015 under a supplementary agreement. Despite Shetty providing a personal guarantee in April 2016, she resigned as director in September 2016. Kothari later discovered that insolvency proceedings were initiated against the company in 2017 for defaulting on another agreement. He alleges that the funds, given between 2015 and 2023 for business expansion, were instead used for personal expenses.
The case was initially registered at the Juhu police station under sections of the Indian Penal Code (IPC) pertaining to cheating and forgery. However, due to the large sum of money involved (exceeding ₹10 crore), the case was transferred to the EOW for further investigation. The FIR was filed following a preliminary inquiry by the EOW into Kothari's complaint.
Prior to the news breaking, Shilpa Shetty had announced her role as an investor in a lab-grown diamond business, stating that lab-grown diamonds are a "smart and responsible choice". She is currently judging the latest season of "Super Dancer". Raj Kundra was last seen in Amazon Prime Video's reality show, "The Traitors".
