Bollywood actor Shilpa Shetty Kundra, her husband and businessman Raj Kundra, along with an unidentified associate, have been named in a case registered by the Economic Offences Wing (EOW).
The case involves allegations of defrauding a Mumbai businessman of Rs 60.4 crore in connection with a loan-cum-investment arrangement linked to their now-defunct firm, Best Deal TV Pvt Ltd, police said on Thursday.
Businessman Deepak Kothari’s complaint accuses the couple of jointly cheating him of the sum, which he says he provided between 2015 and 2023 for business expansion, but they instead diverted it for personal use. The EOW has now taken over the probe.
The case initially recorded at the Juhu police station under sections pertaining to cheating and forgery.
Since the amount in question exceeded Rs 10 crore, officials transferred the matter to the EOW after conducting a preliminary inquiry into Kothari’s allegations.
Kothari, a Juhu resident and director of Lotus Capital Financial Services, told police that Rajesh Arya introduced him to Shetty and Kundra.
At that time, the couple were directors of Best Deal TV Pvt Ltd, a home shopping and online retail venture, and reportedly owned 87.6% of its shares.
According to the FIR, the accused initially sought a Rs 75 crore loan at 12% interest but later persuaded Kothari to treat it as an investment to reduce tax liabilities, offering monthly returns and repayment of the principal.
Kothari says he transferred Rs 31.9 crore in April 2015 under a share subscription agreement and an additional Rs 28.53 crore in September 2015 through a supplementary agreement.
The FIR further notes that although Shetty provided a personal guarantee in April 2016, she resigned as director in September of that year.
Kothari later discovered that the company had entered bankruptcy proceedings in 2017 following a default on another agreement.
Police said the investigation is ongoing, and more information will emerge as the probe progresses.
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