Mumbai Police’s Economic Offences Wing (EOW) has officially issued a Look Out Circular (LOC) against Bollywood actress Shilpa Shetty and her businessman husband Raj Kundra in connection with an alleged ₹60 crore financial fraud.
Businessman Deepak Kothari filed a complaint alleging that Shilpa Shetty, Raj Kundra, and their company Best Deal TV Pvt Ltd duped him of over ₹60 crore.
He stated that between 2015 and 2023, they persuaded him to invest the amount under the pretext of business expansion, but instead misappropriated the funds for personal use.
Kothari said he met Rajesh Arya in 2015, an agent who claimed to be associated with the couple’s company. Arya initially proposed a ₹75 crore loan at an annual interest rate of 12%, but later reframed it as an ‘investment’.
Kothari claims he transferred ₹31.95 crore as an initial instalment in April 2015, followed by further transactions totalling ₹28.54 crore by March 2016.
Additional costs, including stamp duty, took the total sum to approximately ₹60.5 crore.
Shilpa’s Sudden Resignation Raises Questions
In April 2016, Shilpa Shetty allegedly offered a personal guarantee for the investment.
However, she resigned as a company director in September 2016, shortly before the company revealed it was facing an insolvency case worth ₹1.28 crore—details Kothari says they never informed him about.
When he demanded his money back, Kothari alleges the couple began evading the matter.
He further accuses Shilpa, Raj, and others involved of orchestrating a calculated conspiracy to defraud him.
Following the allegations, the Mumbai Police EOW launched a formal investigation and has now registered an FIR under IPC Sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention).
Authorities have begun scrutinising the couple’s travel logs and financial records, while the National Company Law Tribunal (NCLT) proceedings are ongoing.
The police have also summoned a key auditor, who reviewed the company’s finances, for questioning as part of the investigation.
The lookout circular aims to prevent Shilpa Shetty and Raj Kundra from leaving the country during the ongoing investigation.
The case continues to draw public attention due to the high-profile nature of those involved and the scale of the alleged fraud.
The EOW has stated that efforts are underway to trace the money trail and identify other individuals who may have played a role in the alleged scam.
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