Mumbai Police has issued a lookout circular (LOC) against Bollywood actress Shilpa Shetty and her husband, businessman Raj Kundra, in connection with an alleged ₹60 crore fraud. The case, being probed by the Economic Offences Wing (EOW), revolves around accusations that the celebrity couple defrauded a businessman through their now-defunct venture.
Allegations of Fraud
The complaint was filed by businessman Deepak Kothari, who accused Shetty and Kundra of duping him of approximately ₹60 crore between 2015 and 2023. According to Kothari, the couple had approached him for financial assistance, claiming that the money would be used to expand Best Deal TV Pvt Ltd, a television home shopping channel launched in 2015 with much fanfare.
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Kothari alleged that the couple initially assured him that the funds would be treated as a loan and would be repaid within a stipulated period. He further stated that he was promised 12% annual interest on the loan amount and was given a personal guarantee by Shilpa Shetty in writing in April 2016. This guarantee, according to him, gave him the confidence to invest heavily in their venture.
However, as months passed, Shetty resigned as a director of the firm, and the promised returns allegedly never materialized. The businessman later discovered that the company was already facing an insolvency case involving an outstanding amount of ₹1.28 crore, something he claims was not disclosed to him at the time of investment.
Misuse of Funds Alleged
In his complaint, Kothari alleged that instead of utilizing the funds for the stated business purpose, Shetty and Kundra diverted the money for personal expenses. He further accused the couple of altering the nature of the transaction, shifting it from being a loan to an investment, which they justified as a measure to save on taxes.
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This alleged misrepresentation forms the core of the fraud charges being investigated by the police. According to EOW officials, the nature of financial transactions, the documents provided, and the guarantees made by Shetty and Kundra are all under close scrutiny.
Police Action and Investigation
Given the high-profile nature of the case and concerns that the couple may attempt to leave the country during the investigation, the Mumbai Police issued a lookout circular against both Shilpa Shetty and Raj Kundra. This means immigration authorities across airports and ports have been alerted, ensuring that the couple cannot travel abroad without prior clearance from the authorities.
EOW sources have revealed that investigators are now examining the travel logs of Shetty and Kundra to determine whether they attempted to evade questioning earlier. In addition, the auditor of Best Deal TV Pvt Ltd has been summoned for questioning to clarify financial discrepancies and verify the complainant’s claims.
Background of Best Deal TV Pvt Ltd
Best Deal TV Pvt Ltd was launched as a celebrity-driven home shopping channel featuring endorsements from Bollywood actors and other prominent personalities. Despite the hype, the venture failed to gain traction in the market and shut down within a few years. The financial troubles of the company have since snowballed into multiple legal disputes, with Kothari’s complaint being the most serious in terms of alleged fraud amount.
Response from Shilpa Shetty and Raj Kundra
Both Shilpa Shetty and Raj Kundra have strongly denied the allegations. In a statement, they termed the case “baseless, malicious, and aimed at maligning their reputation.” They asserted that the complaint was an attempt to harass them and that they had always conducted business transparently.
This is not the first time Raj Kundra has been embroiled in controversy. In 2021, he was arrested in connection with an alleged pornography-related case, though he has since been released on bail. The current fraud allegations have once again brought the couple under the media spotlight.
The case highlights the growing scrutiny of financial dealings involving high-profile individuals and the increasing vigilance of the Economic Offences Wing. If the allegations are proven, Shetty and Kundra could face serious legal consequences, including charges under sections of the Indian Penal Code related to cheating, criminal breach of trust, and conspiracy.
For now, the lookout circular ensures that both remain within the jurisdiction of Indian authorities as the investigation progresses. The police are expected to question more individuals linked to Best Deal TV Pvt Ltd and analyze the company’s financial records to build a clearer picture of the alleged fraud.
As the case unfolds, it has drawn significant public attention not just because of the high amount involved but also because it concerns a celebrity couple often in the limelight. With Shetty continuing her career in films and television, and Kundra involved in business ventures, the legal battle is likely to be closely watched in the weeks ahead.
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