Shilpa Shetty, Husband Raj Kundra Booked In Rs 60 Crore Cheating Case

Shilpa Shetty and Raj Kundra face allegations of defrauding a businessman of ₹60.4 crore through misleading investment agreements linked to their defunct company.

Bollywood actor Shilpa Shetty Kundra and her husband Raj Kundra, along with another individual, have been booked in a Rs 60-crore cheating case by the Economic Offences Wing (EOW).

The case has been booked based on the complaint filed by Deepak Kothari, a 60-year-old director of Lotus Capital Financial Services. The case involves a loan-cum-investment deal linked to their defunct company, Best Deal TV Pvt Ltd. This firm was once promoted as a significant home shopping and online retail platform.

The Economic Offences Wing (EOW) of Mumbai Police is handling the case due to the substantial amount involved. Initially registered at Juhu police station under sections of cheating and forgery, the case was transferred to EOW because it exceeded ₹10 crore.

Allegations and Initial Agreements

Kothari claims that Rajesh Arya introduced him to the couple, who were directors of Best Deal TV Pvt Ltd at that time. They reportedly owned 87.6% of the company's shares and presented it as a lucrative retail business opportunity. Initially, they sought a ₹75 crore loan with an annual interest rate of 12%, according to a report in NDTV.

However, Kothari alleges that he was later persuaded to treat the funds as an "investment" instead of a loan to avoid higher taxes. The couple assured him of monthly returns along with full repayment of the principal amount. This shift in agreement forms part of the core allegations against them.

Fund Transfers and Subsequent Developments

In April 2015, Kothari transferred ₹31.9 crore under a share subscription agreement. He followed this with another transfer of ₹28.53 crore in September 2015 through a supplementary agreement. By April 2016, a personal guarantee was provided by the accused parties.

However, by September 2016, Shilpa Shetty had resigned from her position as director. Kothari later discovered insolvency proceedings against Best Deal TV Pvt Ltd in 2017 over defaults on another agreement, leaving his investment unpaid.

Case Details and Legal Proceedings

The complaint accuses Shilpa Shetty and Raj Kundra of misrepresenting the nature of their business deal to lure Kothari into investing crores. The couple allegedly defaulted on repayment obligations after securing funds from him under false pretenses.

This high-profile case highlights potential fraudulent practices within corporate dealings involving prominent personalities in India. As legal proceedings unfold under EOW's jurisdiction, further details may emerge regarding this complex financial dispute.

It has to be noted that Raj Kundra was arrested in 2021 on charges of making pornographic content and publishing it through mobile applications. He was also under investigation for a separate money laundering case related to Bitcoin fraud involving Ajay Bhardwaj, Hindustan Times reported.