Shilpa Shetty, Raj Kundra Booked for Alleged ₹60 Crore Fraud; Couple Calls Case ‘Baseless and Malicious’

Mumbai (Maharashtra) [India] August 14: Renowned Bollywood actor Shilpa Shetty and her husband, Raj Kundra, have been charged with allegedly cheating a businessman for over ₹60 crore. Raj Kundra is himself a renowned businessman;, the complaint was filed by Deepak Kothari, the businessman claims that the fraud happened for over eight years (2015-2023). Now, Raj Kundra's lawyer has responded to these allegations. 

According to the news agency ANI, Deepak, director of Lotus Capital Financial Services Ltd, claims the incident took place between 2015 and 2023. He alleged that Shilpa and Raj took the money under the pretext of expanding their business but used it for personal expenses instead.

Deepak stated that in 2015, the couple approached him through a mediator, seeking a ₹75 crore loan for Best Deal TV, a lifestyle product promotion and online shopping platform. The proposed interest rate was 12 percent. However, they later urged him to provide the funds as an investment instead of a loan, promising monthly returns along with repayment of the principal amount.

Under a share subscription agreement, Deepak transferred ₹31.95 crore in April 2015, followed by another ₹28.53 crore in September 2015, as per a supplementary agreement. The total amount was credited to Best Deal TV’s bank accounts. Despite repeated attempts, Deepak claims he was unable to recover the funds, accusing the couple of dishonestly diverting the money for their own personal use.

The Economic Offences Wing (EOW) is now investigating the alleged misappropriation of funds, examining agreements, bank transactions, and other financial records.

Responding to the accusations, advocate Prashant Patil released a statement on behalf of the couple. He said:

“My clients deny all the allegations against them which are purely civil in nature and have been adjudicated by the NCLT Mumbai on 04/10/2024. This is an old transaction wherein the company went into financial distress and eventually got entangled in a long legal battle at the NCLT. There is no criminality involved.”

The lawyer further claimed that auditors had provided the EOW with all necessary documentation, including detailed cash flow statements. He emphasised that the investment agreement was purely equity-based and not a loan arrangement.

Calling the case “baseless” and “malicious,” Patil alleged it was aimed at tarnishing the couple’s reputation. He added that a liquidation order had already been issued for the company, which was also shared with the police. Chartered accountants representing the couple had reportedly visited the police station over 15 times in the past year with supporting evidence.

The EOW will continue its probe to determine if criminal liability exists in the case. While Shilpa Shetty and Raj Kundra maintain that the matter is civil and resolved through corporate legal channels, the allegations have drawn significant public and media attention.