₹60 Crore Fraud Case: Mumbai Police Move to Issue Lookout Circular Against Shilpa Shetty, Raj Kundra
A senior Mumbai Police official stated that the decision was prompted by the couple’s frequent travel abroad.
Mumbai Police have begun the process of issuing a Look Out Circular (LoC) against Bollywood actress Shilpa Shetty and her husband, businessman Raj Kundra, in connection with a ₹60.48 crore cheating case. The decision comes as the couple is known for frequent international travel, and authorities say the LoC is necessary to ensure smooth progress in the investigation.
The case, registered by the Economic Offences Wing (EOW) of the Mumbai Police on August 14, involves allegations of fraud against Shetty, Kundra, and their now-defunct company, Best Deal TV Pvt. Ltd.
The Allegation
The complaint was filed by 60-year-old businessman Deepak Kothari, director of Lotus Capital Financial Services Ltd. According to Kothari, he was introduced to Raj Kundra through a mutual friend and was later approached by Best Deal TV for a loan-cum-investment deal.
He claimed that the company, represented by Shetty and Kundra, asked him to invest ₹60.48 crore, promising monthly returns along with the return of the principal amount. Kothari transferred the funds in two parts—₹31.95 crore in April 2015 and ₹28.53 crore in September 2015—directly into the company’s accounts.
However, by 2016, Shetty had resigned from the company, and Kothari said he discovered ongoing insolvency proceedings against it for defrauding another investor. Despite repeated efforts, he claims he was unable to recover his money. He further alleged that the funds were diverted for the couple’s personal use.
Based on the complaint, Mumbai Police have registered a case under IPC Sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (acts done with common intention).
Shetty and Kundra Deny Claims
Through their lawyer, Prashant Patil, the couple has strongly denied all allegations, calling the case baseless and malicious. In a statement, Patil said the transaction in question was purely an equity investment and that Best Deal TV went into financial trouble due to business losses and legal complications.
“There is no criminality involved. Our auditors have submitted all required documents to the EOW, including cash flow statements,” Patil said. He added that the company is already under liquidation, and relevant legal orders have been shared with the police.