Actor Shilpa Shetty, Raj Kundra face charges for cheating Mumbai businessman of ₹60 crore

Mumbai police’s Economic Offences Wing (EOW) has registered a case against actor Shilpa Shetty, her husband Raj Kundra, and an unidentified individual for allegedly defrauding a businessman of ₹60.48 crore. The complaint was filed at Juhu police station and pertains to a loan-cum-investment deal involving the couple’s former firm, Best Deal TV Private Limited.

Businessman Deepak Kothari, director of Lotus Capital Financial Services, said he transferred ₹60.48 crore to the company between 2015 and 2023 to support its expansion. Kothari alleged that the funds were diverted for personal use by Shilpa Shetty and Raj Kundra instead of being utilized for business purposes.

According to the complaint, Kothari was introduced to the couple by Rajesh Arya. At the time, Shetty and Kundra held 87.6% shares in Best Deal TV, a home shopping and online retail platform. The couple initially sought a loan of ₹75 crore at 12% interest but later persuaded Kothari to provide the money as an investment, assuring him of monthly returns and repayment of the principal.

Shetty resigned from the company in 2016. In 2017, insolvency proceedings were initiated against Best Deal TV for defaulting on agreements with other investors. Kothari stated that his repeated attempts to recover the funds through Arya were unsuccessful, prompting him to file the formal complaint against the couple.

The EOW has booked Shetty, Kundra, and the unidentified person under sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention) of the Indian Penal Code. The case adds to the couple’s existing legal matters, including allegations in gold scheme fraud and ongoing scrutiny in a Bitcoin-related money laundering investigation.