Businessman and actor Shilpa Shetty's husband, Raj Kundra is once again under legal scrutiny, this time over an alleged Rs 60 crore financial fraud tied to a failed business deal from 2015. The case involves Best Deal TV Pvt Ltd, a home shopping venture co-founded by Kundra and Shetty.

The Investment Gone Wrong

The complaint was filed by Deepak Kothari, a Mumbai-based businessman and director of Lotus Capital Financial Services. According to his statement, he invested Rs 31.95 crore in April 2015 under a share subscription agreement and another Rs 28.53 crore in September 2015 through a supplementary agreement.

In return, he claims he was promised a 12% return on investment with monthly payouts. However, those payments allegedly stopped, and repeated reminders to recover the funds went unanswered.

Kothari later discovered that insolvency proceedings had begun against Best Deal TV, raising serious doubts about how his money had been used. Around the same time, Shilpa Shetty stepped down as a director, which added to his suspicion.

Raj Kundra Blames Demonetisation

While being questioned by the Economic Offences Wing (EOW) of the Mumbai Police, Raj Kundra reportedly said that the company could not repay the loan due to the 2016 demonetisation, when Rs 500 and Rs 1,000 notes were suddenly banned across India. This move, he claimed, severely impacted the company's ability to function.

Bombay High Court Steps In

As the investigation progresses, the Bombay High Court has directed Raj Kundra and Shilpa Shetty to deposit Rs 60 crore if they wish to travel abroad, including to destinations like Los Angeles. Their request to suspend a Look Out Circular (LOC) issued against them was also denied.

The couple had approached the court seeking to quash the LOC, which was issued in connection with the ongoing case. The next court hearing is scheduled for October 14, as reported by LiveLaw.

This isn't Raj Kundra's first brush with controversy. He was previously in the headlines for his alleged involvement in a pornography-related case in 2021, which attracted widespread media attention.

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