Shilpa Shetty and Raj Kundra Face Fraud Allegations over Rs 60 Crore Deal
Shilpa Shetty and Raj Kundra face a high-stakes fraud case, accused of misusing Rs 60 crore from a businessman’s investment in Best Deal TV, now under investigation by the Economic Offences Wing.
Bollywood actress Shlpa Shetty and her husband, entrepreneur Raj Kundra, have been formally accused of defrauding a Mumbai-based businessman of approximately Rs 60 crore. The allegations stem from a loan-cum-investment arrangement linked to their now-defunct venture, Best Deal TV Pvt Ltd. Businessman Deepak Kothari alleges that between 2015 and 2023, he provided Rs 60.48 crore for the company’s expansion, but the funds were allegedly diverted for personal indulgences rather than corporate growth.
According to Mr Kothari, his association with the celebrity couple began in 2015 through an intermediary, Rajesh Arya. At the time, the duo directors of Best Deal TV, an online retail platform where Ms Shetty held over 87% of the shares.
Mr Arya purportedly approached him for a Rs 75 crore loan at 12% annual interest for the company. To mitigate tax liabilities, it was suggested that the transaction be structured as an “investment”. A subsequent meeting was convened, and the agreement was finalised with assurance that the principal sum would be rapid promptly.
In April 2015, Mr Kothari transferred the first tranche of Rs 31.95 crore, Persistent tax complexities led to second agreement in September, after which an additional Rs 28.54 crore was transferred between July 2015 and March 2016. In total, over Rs 60.48 crore was advanced, along with Rs 3.19 lakh in stamp duty. Ms Shetty reportedly furnished a personal guarantee in April 2016, however, by September, she had resigned from her directorial role.
Soon thereafter, an insolvency claim of Rs 1.28 crore surfaced against the company, something Mr Kothari asserts he was completely oblivious to. His persistent attempts to reclaim the funds allegedly met with apathy and evasion.
The complaint accuses the high-profile pair of orchestrating a meticulous conspiracy from 2015 to 2023, wherein money intended for commercial expansion was siphoned into personal luxuries.
Initially lodged at Juhu Police Station under charges of cheating and forgery, the matter was subsequently escalated to the Economic Offences Wing (EOW) due to the magnitude of the financial sum, exceeding Rs 10 crore. The EOW is presently conducting an exhaustive probe into the matter.
