EOW Probes Shilpa Shetty and Raj Kundra in Alleged ₹60.48-Crore Investment Scam

Key Points:

Bollywood actor Shilpa Shetty and her husband, businessman Raj Kundra, have been charged with defrauding a Mumbai-based businessman of ₹60.48 crore. The case relates to their now-defunct company, Best Deal TV Pvt Ltd, a home shopping and online retail platform. Shilpa Shetty held over 87% shares in the company at the time.

Businessman Deepak Kothari filed the complaint. The Economic Offences Wing (EOW) of Mumbai Police filed an FIR against Shilpa Shetty and Raj Kundra. He claimed the couple took money for business expansion but allegedly spent it on personal expenses. Kothari said he met Shetty and Kundra through an agent, Rajesh Arya, in 2015.

Kothari said Arya sought a loan of ₹75 crore at 12% annual interest for the company. To avoid higher taxes, he suggested presenting it as an “investment.” Kothari transferred ₹31.95 crore in April 2015 and ₹28.54 crore between July 2015 and March 2016. He also paid ₹3.19 lakh as stamp duty, making the total ₹60.48 crore.

Shetty gave a personal guarantee in April 2016 but resigned as director months later. Soon after, an insolvency case of ₹1.28 crore emerged against Best Deal TV, which Kothari said he was unaware of. Repeated demands for repayment allegedly went unanswered.

The case was initially filed at Juhu Police Station for forgery and cheating. Since the amount exceeded ₹10 crore, it was transferred to the EOW. The EOW is now investigating the matter.

Shilpa Shetty and Raj Kundra’s lawyer, Prashant Patil, denied the allegations, calling the case civil in nature and already adjudicated by the NCLT Mumbai on October 4, 2024. He said all documents, including cash flow statements, were submitted to the authorities.

Patil stated the investment was equity-based and added that the company had received a liquidation order, with all evidence repeatedly shared with the police. He called the complaint “baseless and malicious” and said action would be taken against the perpetrators.

This is not Kundra’s first case. In December 2024, he was summoned by the Enforcement Directorate over alleged money laundering linked to illegal pornographic content distribution. Assets worth ₹98 crore belonging to the couple were also attached last year in a cryptocurrency case.

The EOW continues to investigate the ₹60-crore case. Kothari’s complaint alleges a well-planned conspiracy by Shetty and Kundra to divert investment money for personal use. [Rh/Eth/VP]

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