Bollywood actress Shilpa Shetty's husband, Raj Kundra, has admitted failure to repay a loan of Rs 60 crore. The case is under investigation by the Mumbai Police's Economic Offences Wing (EOW). The court has linked permission for foreign travel to the repayment of the loan and refused to cancel the LOC.
Raj Kundra: An investigation is underway in Mumbai regarding a Rs 60 crore investment loan dispute against Raj Kundra and Shilpa Shetty. Complainant Deepak Kothari alleges that the 12% interest and returns on the investment made in 2015 were not paid. Raj Kundra accepted this, citing the company's deteriorating condition after demonetisation. The Bombay High Court linked permission for foreign travel to the repayment of the loan and refused to cancel the LOC.
What is the Case?
According to media reports, Mumbai businessman Deepak Kothari, director of Lotus Capital Financial Services, alleged that Raj Kundra and Shilpa Shetty took an investment-based loan from him in 2015, which was not repaid. Kothari stated that he invested Rs 31.95 crore in April 2015 and Rs 28.53 crore in September 2015. The total investment amounts to approximately Rs 60 crore.
The complaint also stated that he was promised 12% interest on this investment and monthly returns. However, despite repeated requests, the money was not returned.
Demonetisation Cited as an Excuse
According to a Moneycontrol report, Raj Kundra informed investigating agencies that his company's condition deteriorated after demonetisation in 2016, and for this reason, he was unable to repay investors. This revelation has escalated the case from a mere business dispute to a potential fraud case.
Shilpa Shetty Resigned from Company Position
Complainant Deepak Kothari claims that when he demanded his money back, he found that insolvency proceedings had begun against the company. At the same time, Shilpa Shetty resigned from her position as a company director, which further deepened suspicions in the case.
Bombay High Court's Stance
The hearing for this case is ongoing at the Bombay High Court. The court clearly stated that if Raj Kundra and Shilpa Shetty wish to travel abroad, they must first deposit Rs 60 crore. Furthermore, the court refused to cancel the Look Out Circular (LOC) issued against them. Raj and Shilpa had filed a petition to lift the LOC, but the court provided no relief. The next hearing is scheduled for October 14.
Previously Involved in Controversies
Raj Kundra has been involved in controversies before. In 2021, his name surfaced in a case involving the production and streaming of obscene films, leading to his arrest. At that time, the case became high-profile. Now, this new debt dispute is creating further difficulties for him.
Legal and Financial Implications
According to experts, this case is not merely a personal dispute but carries significant financial and legal implications. The protection of investors' money, the company's insolvency process, and compliance with court orders are increasing the importance of this case. If Raj Kundra and Shilpa Shetty do not deposit Rs 60 crore as per court instructions, further stringent action against them is likely.
