Hyderabad: Shilpa Shetty, the popular Bollywood actress, and her husband Raj Kundra, a businessman often in the news buzz, are once again making headlines. This time, it is not about glamour or business ventures but a serious cheating case worth Rs. 60 crore that has led the Mumbai Police to issue a Lookout Circular (LoC) against them.
According to Deepak Kothari, a 60-year-old businessman and director of Lotus Capital Financial Services Ltd., the couple lured him into a loan-cum-investment deal through their company Best Deal TV Pvt Ltd. He claimed he invested Rs. 31.9 crore in April 2015 and another Rs. 28.5 crore in September the same year, after being promised attractive monthly returns and repayment of his principal.
But things turned sour. In 2016, Shilpa Shetty resigned as director, and Kothari discovered insolvency cases piling up against the company. Despite repeated requests, he alleged the couple never returned his money and instead diverted funds for personal use.
Police Investigation
The Mumbai Police’s Economic Offences Wing registered the case under IPC Sections 403, 406, and 34. The LoC was issued to ensure the couple, known for frequent international trips, does not leave the country while the probe continues. Police have also summoned the firm’s auditor for questioning.
The Couple’s Stand
Shilpa Shetty and Raj Kundra have strongly denied the charges. Their lawyer, Prashant Patil, said the matter is a “baseless and malicious case,” insisting that the money was an equity investment and not a loan. He added that the company went into financial distress and all documents were already shared with investigators.
