Bollywood actress Shilpa Shetty and her husband Raj Kundra are once again in legal trouble as the Economic Offenses Wing (EOW) of Mumbai police has registered a fraud case against them involving ₹60 crore. This case was filed by Deepak Kothari, director of Mumbai-based Lotus Capital Financial Services Limited, who alleges that the couple took this large loan ostensibly to expand their business but misappropriated the funds for personal use.

Background of the Case

• In 2015, Shilpa Shetty and Raj Kundra approached Deepak Kothari through a mediator seeking a loan of ₹75 crore for their now-defunct company Best Deal TV Private Limited. At the time, this company was involved in promoting lifestyle products and operated an online shopping platform.

• The couple promised to pay interest at 12% per annum and initially took the money as a loan. Later, they requested Kothari to convert this loan into an investment, assuring the return of principal payments monthly.

• Kothari transferred approximately ₹60 crore in two installments through a share subscription agreement into Best Deal TV's bank accounts.

• Despite repeated attempts, the money has not been repaid, and Kothari accuses the couple of dishonestly using these funds for their personal benefit.

Previous Legal Issues

This is not the first legal problem involving Raj Kundra; he was summoned by the Enforcement Directorate in December 2024 in a money laundering case connected to alleged illegal distribution of pornographic content.

Response from Shilpa Shetty and Raj Kundra’s Lawyer

Prashant Patil, the couple's lawyer, denies all allegations, stating that the charges are false and intended to harm their reputation. He clarifies that the matter is civil in nature and concerns a financial crisis faced by their company, which has been addressed in a legal battle at the National Company Law Tribunal (NCLT) Mumbai. A verdict in the matter was pronounced on October 4, 2024.

In Summary

Shilpa Shetty and Raj Kundra face serious allegations of financial fraud amounting to ₹60 crore, accused of diverting business loan funds for personal expenses. The case is currently under investigation by Mumbai's EOW, while the couple maintains their innocence and points to ongoing civil litigation related to the company's financial issues.