Mumbai Police Slap Lookout Notice on Shilpa Shetty and Raj Kundra Over Alleged ₹60 Crore Fraud

Mumbai: Bollywood actress Shilpa Shetty and her husband, businessman Raj Kundra, are facing fresh legal action after the Mumbai Police’s Economic Offences Wing (EOW) filed a case accusing them of duping a city-based businessman of over ₹60 crore under the guise of a business investment. Authorities have also issued a Look Out Circular (LOC) against the couple in connection with the case.

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Details of the Complaint

The complaint, lodged at Juhu Police Station by Deepak Kothari (60), director of Lotus Capital Financial Services, alleges that between 2015 and 2023, he invested ₹60.48 crore into Best Deal TV Pvt. Ltd., a company led by Shetty and Kundra, for expansion purposes. Instead of being utilized for business, the money was allegedly misappropriated and redirected for personal use.

Role of Shetty and Kundra

Police said that Kothari had been introduced to Kundra through a common acquaintance. At that time, Shetty and Kundra reportedly controlled 87.6% of Best Deal TV, an online retail venture. The duo allegedly assured him both repayment of the principal amount and additional monthly returns.

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According to the FIR, Shetty stepped down from the company in 2016. Later, Kothari learned that insolvency proceedings had begun against Best Deal TV after similar complaints surfaced from another investor.

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Charges Filed

Following a preliminary investigation, the EOW has registered a case against Shetty, Kundra, and one more individual under Indian Penal Code sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention).