Bollywood actress Shilpa Shetty and her husband Raj Kundra are once again facing legal trouble. The Economic Offences Wing (EOW) has registered a case against them, and an unnamed individual, for allegedly defrauding a Mumbai businessman of ₹60.4 crore.
Shilpa Shetty-Raj Kundra: Bollywood actress Shilpa Shetty and her husband Raj Kundra have once again landed in legal difficulties. The Economic Offences Wing (EOW) has registered a case against both of them for fraud and forgery amounting to ₹60.4 crore. This case pertains to a loan-cum-investment deal related to their now-defunct company, Best Deal TV Private Limited.
How the Case Began
The complaint was filed by Deepak Kothari, a businessman residing in Juhu and the Director of Lotus Capital Financial Services. Initially, the case was registered at the Juhu Police Station, but due to the amount involved exceeding ₹10 crore, it was transferred to the EOW. According to Kothari, a person named Rajesh Arya introduced him to Raj Kundra and Shilpa Shetty. At that time, both were Directors of Best Deal TV Private Limited and held 87.6% shareholding in the company.
From Loan to Investment
According to the allegations, Raj Kundra initially requested a loan of ₹75 crore at an interest rate of 12%. However, he and Shilpa Shetty later persuaded Kothari to provide the amount as an investment instead of a loan to reduce taxation. They promised monthly returns and repayment of the principal. In April 2015, Kothari invested ₹31.9 crore under a share subscription agreement. Subsequently, in September 2015, an additional ₹28.53 crore was transferred under a supplementary agreement. Thus, the total investment reached ₹60.4 crore.
The FIR states that in April 2016, Shilpa Shetty provided a personal guarantee, but she resigned from her position as Director in September 2016. Later, Kothari discovered that the company was already in financial distress and bankruptcy proceedings had been initiated against it in 2017 due to defaulting on another agreement. The complainant alleges that if he had been informed about the company's poor financial condition earlier, he would not have made the investment.
Legal Sections and Investigation
The EOW has registered a case under serious sections of the IPC, including fraud (Section 420), forgery (Sections 467, 468, 471), and criminal conspiracy (Section 120B). Currently, the EOW is conducting a detailed investigation into the matter. According to officials, they are investigating where and how the invested amount was used, and whether other individuals were also involved.
Best Deal TV was a home shopping and online retail platform promoted by Raj Kundra and Shilpa Shetty. The company initially engaged in aggressive marketing, but its financial situation deteriorated over a few years, and it eventually shut down.
