Case filed against Shilpa Shetty and Raj Kundra over Rs 60 crore loan dispute

Mumbai Police have filed a case against Shilpa Shetty and her businessman husband Raj Kundra. They are accused of cheating a city-based businessman of iNR 60.4 crore in a loan and investment deal linked to the now-closed company, Best Deal TV Private Limited.

Mumbai Police register cheating case against Bollywood couple Shilpa Shetty and Raj Kundra

The complaint was lodged by Deepak Kothari, a 60-year-old director of Lotus Capital Finance Services. Deepak told police he met Raj and Shilpa through a common acquaintance, Rajesh Arya, when both were directors of Best Deal TV. The company ran a home shopping and online retail platform.

According to the FIR, Raj and Shilpa had sought INR 75 crore for the business. Deepak Kothari said they agreed to show it as an investment instead of a loan to reduce taxes. He alleged they promised to return the money in monthly instalments along with the principal.

In April 2015, Deepak transferred Rs 31.9 crore under a share subscription agreement. In September the same year, he put in another Rs 28.53 crore through a supplementary agreement. He said the funds were meant for expansion between 2015 and 2023. Kothari claimed that in April 2016, Shilpa gave a guarantee, but resigned as director a few months later in September. He later discovered the company was already facing insolvency proceedings in 2017 over another unpaid agreement.

The complaint alleges that the money he provided for business purposes was diverted for personal use. Police have booked Shilpa, Raj, and others based on these allegations. The case, registered at Juhu Police Station, has been handed over to the Economic Offences Wing for investigation.

Shilpa and Raj’s lawyer denied the allegations, calling the case baseless and motivated. He said the matter had already been heard by the National Company Law Tribunal in October 2024. According to the lawyer, the company went through financial trouble and became involved in a long legal process. He said there was no criminal wrongdoing, and that the Economic Offences Wing had been given all supporting documents, including cash flow statements.

The lawyer also said the disputed agreement was an equity investment, not a loan. The company has already been ordered into liquidation, and that order has been shared with the police. He called the new case an attempt to damage their clients’ reputations and said they would take action against those responsible.

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