Outlook Business Desk
On Thursday, the Economic Offences Wing (EOW) of Mumbai Police filed a ₹60 crore fraud case against actress Shilpa Shetty and her husband Raj Kundra. The complaint claims the couple misused investor money and allegedly engaged in dishonest financial practices over several years.
According to Juhu-based businessman Deepak Kothari, director of Lotus Capital Financial Services, Shilpa Shetty and Raj Kundra took money between 2015 and 2023, promising to grow their business, but allegedly diverted the funds for personal use.
The funds were linked to Best Deal TV Private Limited, a now-defunct firm promoting lifestyle products online. Shilpa Shetty and Raj Kundra were directors of the company, which aimed to grow its business with external financial support from investors like Kothari.
According to the FIR, the couple initially approached Kothari in 2015 via a mediator for a ₹75 crore loan. The proposed interest rate was 12%, with promises of repayment. Later, they allegedly reclassified it as an investment, assuring monthly returns.
Deepak Kothari said he transferred ₹31.95 crore in April 2015 under a share subscription agreement and another ₹28.53 crore in September 2015 via a supplementary agreement, with both amounts credited to Best Deal TV’s bank accounts.
Despite repeated efforts, Kothari could not recover the funds. The complaint claims Shilpa Shetty and Raj Kundra misused the money for personal benefit, breaching investor trust and failing to honour their financial commitments.
The couple faces charges under Section 403 for dishonest misappropriation of property, Section 406 for criminal breach of trust, and Section 34 for acts committed with common intention under the Indian Penal Code (IPC).
Raj Kundra has faced multiple cases earlier, including a May 2022 money laundering probe over alleged illegal pornographic movie distribution, that led to his arrest and bail later. In 2024, the Enforcement Directorate (ED) also attached assets worth ₹98 crore in a cryptocurrency case involving him and Shilpa Shetty.