Bollywood actor Shilpa Shetty Kundra, her husband and businessman Raj Kundra, and an unidentified individual have been booked by the Economic Offences Wing (EOW) of the Mumbai Police in connection with an alleged ₹60.4 crore fraud involving a city-based businessman.
According to the police report, the complaint was filed by Deepak Kothari, a Juhu resident, who accused the couple of misappropriating funds provided between 2015 and 2023 for business expansion of their now-defunct company, Best Deal TV Pvt Ltd. The company, an online retail and home shopping platform, is said to have diverted these funds for personal use.
From Loan Proposal to ‘Investment’ Deal
Kothari alleged that Shetty and Kundra initially approached him for a ₹75 crore loan at 12% annual interest, but later persuaded him to route the amount as an investment to help reduce tax liabilities. He claimed he was assured monthly returns in addition to repayment of the principal amount.
Introduced to the couple by one Rajesh Arya, Kothari said they were the company’s directors at the time and collectively held 87.6% of shares. In April 2015, he transferred ₹31.9 crore under a share subscription agreement, followed by ₹28.53 crore in September 2015 under a supplementary agreement.
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Personal Guarantee, Resignation, and Bankruptcy
The FIR states that in April 2016, the accused offered a personal guarantee, but Shetty resigned from her directorship in September 2016. Kothari later discovered that the company had defaulted on another agreement and entered bankruptcy proceedings in 2017.
The case was initially registered at Juhu Police Station under sections relating to cheating and forgery, but was transferred to the EOW after determining that the alleged fraud amount exceeded ₹10 crore.
Investigation in Progress
Police have confirmed that the investigation is ongoing, and further details will be released as the case develops. The allegations, if proven, could have significant legal implications for the high-profile couple and their former business associate.