Mumbai Police have issued a lookout circular against Bollywood actress Shilpa Shetty and her husband, businessman Raj Kundra, in connection with an alleged Rs 60 crore fraud case. The Economic Offences Wing (EOW) initiated the circular due to the couple’s frequent international travel, aiming to ensure their availability for investigation. Kundra has been summoned to appear for questioning on September 15, 2025.
The case, filed at Juhu police station on August 14, 2025, stems from a complaint by Mumbai-based businessman Deepak Kothari, director of Lotus Capital Financial Services. Kothari alleges that between 2015 and 2023, Shetty and Kundra misled him into investing Rs 60.4 crore in their now-defunct company, Best Deal TV Pvt Ltd, a home shopping and online retail platform. He claims the couple, introduced through an agent named Rajesh Arya, initially sought a Rs 75 crore loan at 12% annual interest but later restructured it as an investment to reduce tax liabilities.
Kothari transferred Rs 31.95 crore in April 2015 under a share subscription agreement and an additional Rs 28.53 crore in September 2015 via a supplementary agreement, with funds credited to the company’s HDFC Bank accounts. He alleges Shetty provided a personal guarantee in April 2016 but resigned as director in September 2016. By 2017, Best Deal TV faced insolvency proceedings for defaulting on another agreement, prompting Kothari’s complaint after failed recovery attempts.
The EOW is investigating the couple’s travel logs and has summoned the company’s auditor to examine financial records. An FIR has been registered under Bharatiya Nyay Sanhita sections 403 (dishonest misappropriation), 406 (criminal breach of trust), and 34 (common intention). Shetty and Kundra, through their lawyer Prashant Patil, deny the allegations, calling the case a civil matter resolved by the National Company Law Tribunal in October 2024, as per News18. They assert the accusations are baseless and aimed at tarnishing their reputation.
Shilpa Shetty and Raj Kundra Face Legal Scrutiny in Rs 60 Crore Fraud Case
