Shilpa Shetty and Raj Kundra Face Fraud Charges Over Rs 60.4 Crore

Bollywood actor Shilpa Shetty Kundra and her husband, businessman Raj Kundra, are facing serious allegations of fraud amounting to Rs 60.4 crore. The couple, along with an unidentified individual, have been booked by the Economic Offences Wing (EOW) of the Mumbai Police for reportedly defrauding businessman Deepak Kothari in a loan and investment scheme associated with their now-defunct company, Best Deal TV Pvt Ltd.

The allegations stem from Kothari’s claims that between 2015 and 2023, he provided funds intended for business expansion, but the couple misappropriated these funds for personal use. The complaint filed by Kothari highlights a complex financial arrangement where he was initially approached for a Rs 75 crore loan at an interest rate of 12%. However, the couple later convinced him to consider the transaction as an investment, purportedly to mitigate tax liabilities.

Details of the complaint reveal that Kothari was promised monthly returns along with the repayment of the principal amount. Introduced to Shetty and Kundra by an intermediary, Kothari alleges that he transferred Rs 31.9 crore in April 2015 under a share subscription agreement, followed by an additional Rs 28.53 crore in September of the same year through a supplementary agreement.

Despite providing a personal guarantee in April 2016, Kothari claims Shetty resigned as a director of Best Deal TV in September 2016, shortly before the company entered bankruptcy proceedings in 2017 after failing to meet obligations under another agreement. Kothari asserts that he was left in the dark regarding the company’s financial troubles and was unaware of its impending insolvency.

The initial report was registered at Juhu Police Station under charges related to cheating and forgery. Given the significant amount involved, the case was subsequently transferred to the EOW, which is now conducting a thorough investigation. Authorities have confirmed that they are collecting evidence and will provide further updates as the inquiry unfolds.

As the case gains traction, it highlights the ongoing challenges within the entertainment industry regarding financial dealings and accountability. The implications of these allegations could extend beyond legal consequences, potentially impacting the public image of the high-profile couple as well.