Mumbai Police EOW Issue Look Out Notice Against Shilpa Shetty And Raj Kundra In Alleged Rs 60 Crore Fraud Case

Mumbai Police's Economic Offences Wing (EOW) has filed a case against Shilpa Shetty and Raj Kundra. This action follows allegations by Deepak Kothari, who claims the couple defrauded him of over Rs 60 crore. The complaint involves their now-defunct company, Best Deal TV Pvt Ltd. A Look Out Circular (LoC) has been issued to prevent them from leaving the country.

The complainant, Kothari, alleges that between 2015 and 2023, he invested Rs 60 crore with Shetty and Kundra under the guise of business expansion. However, he claims the funds were diverted for personal use instead. The case was initially registered at Juhu police station but was transferred to EOW due to the large sum involved.

Allegations and Legal Proceedings

Kothari, a director at Lotus Capital Financial Services, stated that Rajesh Arya introduced him to Shetty and Kundra. At that time, they were directors of Best Deal TV Pvt Ltd, holding 87.6% of its shares. They allegedly sought a Rs 75 crore loan at a 12% interest rate but later persuaded him to invest instead.

In April 2015, Kothari transferred Rs 31.9 crore under a share subscription agreement. This was followed by another Rs 28.53 crore in September 2015 under a supplementary agreement. Despite offering a personal guarantee in April 2016, Shilpa Shetty resigned as director in September of the same year.

Legal Defense and Bankruptcy Proceedings

The couple's lawyer previously denied these allegations, asserting they are civil matters already addressed by the NCLT Mumbai on October 4, 2024. "This is an old transaction… There is no criminality involved," said advocate Prashant Patil. He added that auditors have provided all necessary documents to EOW.

Kothari later discovered that Best Deal TV Pvt Ltd entered bankruptcy proceedings in 2017 after defaulting on another agreement. The case continues to unfold as authorities investigate further into these allegations.

The Look Out Circular serves as an alert for immigration authorities to restrict individuals under investigation from leaving India. This measure ensures they remain available for questioning during ongoing investigations.