Shilpa Shetty, Husband Raj Kundra Face Look Out Circular In ₹60-Crore Cheating Case: Report

(MENAFN- Live Mint) The Mumbai Police is reportedly preparing to issue a Look Out Circular (LoC) against Bollywood actor Shilpa Shetty and her husband Raj Kundra in connection with a ₹60 crore cheating case.

According to NDTV, the Economic Offences Wing (EOW) sources suggested that the police are now investigating the travel logs of Shetty and Kundra.

“If needed, a lookout notice will be issued against them,” they were quoted as saying, adding that the firm's auditor has also been called for questioning.

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In August, the Economic Offences Wing (EoW) had registered a case of fraud against actor Shilpa Shetty, her husband, businessman Raj Kundra and an unknown person at Juhu Police Station in Mumbai for allegedly cheating a Mumbai businessman, Deepak Kothari, of ₹60.4 crore in a loan-cum-investment deal involving his now closed company, Best Deal TV Private Limited.

In his police complaint, Juhu-based businessman Deepak Kothari (60), director of Lotus Capital Finance Services (non-banking financial company) mentioned he had came into contact with Raj Kundra and his actor wife Shilpa Shetty through one Rajesh Arya, an official was quoted by PTI as saying.

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“They also promised monthly return [of the loan] and repayment of the principal,” the official said.

According to the FIR, the complainant claimed he transferred ₹31.9 crore in April 2015 under a share subscription agreement, followed by another ₹28.53 crore under a supplementary agreement in September 2015.

As per the complainant, he had given the loan of ₹60.4 crore for business expansion during the period from 2015 to 2023.

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After providing a guarantee in April 2016, Shetty resigned as director of the company in September 2016, the businessman said in his complaint.

Kothari later found that insolvency proceedings were on against the company in 2017 for defaulting on another agreement, the official said.

In his complaint, Kothari alleged he had provided the loan for business, but the money was diverted for personal use by the accused persons, the police said.

Shilpa Shetty, Raj Kundra deny allegations

Kundra and Shetty were then directors of Best Deal TV Private Limited, a home shopping and online retail platform. Through Arya, they had sought a loan of ₹75 crore, but to avoid higher taxation they allegedly showed it as an investment, as per the complaint.

However, a lawyer representing Shetty and businessman Kundra denied the allegations.

Advocate Prashant Patil, representing Raj Kundra and Shilpa Shetty, told ANI, "All allegations are false. There is no truth to these allegations."

He argued, "We have not received a copy of the FIR so far. When we receive a copy, we would get to know the exact allegations."

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He said, "....his transaction is quite old, 7-8 years old. If someone feels that they have been wronged, cheated, they would not wait 8-10 years to complain. There is documentary evidence for everything..."

"If someone has any objection, they can approach EoW...We too will present our truth before investigating agencies. Truth will be out...," he added.

(With inputs from agencies)

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