Shilpa Shetty, Raj Kundra Face Lookout Notice In Rs 60 Crore Cheating Case

Mumbai Police has issued a lookout circular against Bollywood actor Shilpa Shetty and her husband Raj Kundra in connection with an alleged Rs 60-crore fraud case linked to their now-defunct company, Best Deal TV Pvt Ltd. According to the Economic Offences Wing (EOW), as reported by NDTV, the couple is accused of cheating businessman Deepak Kothari, who claims they took about Rs 60 crore from him between 2015 and 2023 under the pretext of business expansion but diverted it for personal use.

Allegations against Shilpa Shetty and Raj Kundra

Kothari alleged that the money was taken as a loan with a promise of 12% annual interest, and in April 2016, Shetty personally signed a guarantee assuring repayment. However, within months, she resigned as director of the company. Later, the couple allegedly reclassified the money as an 'investment' citing tax benefits.

The businessman further claimed he later discovered that an insolvency case worth Rs 1.28 crore was already pending against the firm, but this information was never disclosed to him at the time of the deal.

Police sources said investigators are now examining Shetty and Kundra's travel history and have summoned the firm's auditor for questioning. 

Shilpa Shetty and Raj Kundra on the allegations

The couple has strongly denied the allegations, terming the case 'false, baseless and malicious', and alleging it was intended only to damage their reputation.

Shilpa Shetty and Raj Kundra's lawyer earlier dismissed the charges, calling them civil in nature. Advocate Prashant Patil, as quoted by News18 said the matter had already been decided by the NCLT Mumbai on October 4, 2024. He added that there was no element of criminality and that auditors had regularly submitted all required documents, including detailed cash flow records, to the Economic Offences Wing whenever asked.

How the cheating case against Shetty and Kundra unfolded

The case was first registered at Juhu police station under charges of cheating and forgery. As the alleged fraud amount exceeded Rs 10 crore, the matter was later transferred to the Economic Offences Wing (EOW) for deeper investigation. Complainant Deepak Kothari, a Juhu resident and director of Lotus Capital Financial Services, told police that he was introduced to Shilpa Shetty and Raj Kundra by one Rajesh Arya. At the time, the celebrity couple were directors of Best Deal TV Pvt Ltd, an online retail and home shopping platform where they reportedly held nearly 87.6% stake.

According to Kothari, the couple initially sought a loan of Rs 75 crore at 12% interest. But they later persuaded him to structure the funds as an 'investment' to avoid higher taxation, while still promising monthly returns and repayment of the principal. Following this assurance, Kothari transferred Rs 31.9 crore in April 2015 under a share subscription agreement and another Rs 28.53 crore in September 2015 under a supplementary agreement.

The FIR notes that in April 2016, Shetty even offered a personal guarantee of repayment. However, she resigned as director just five months later, in September 2016. Kothari further alleged that he eventually discovered the company had entered bankruptcy proceedings in 2017, after defaulting on yet another agreement, the information he claims was never shared with him in advance.

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