Shilpa Shetty and Husband Raj Kundra Booked for Cheating in ₹60.48 Crore Investment Case

Shilpa Shetty and Husband Raj Kundra Face Cheating Allegations in ₹60.48 Crore Investment Fraud Case

Actor Shilpa Shetty and her husband Raj Kundra have once again found themselves in legal trouble after the Mumbai Police’s Economic Offences Wing (EOW) booked them for allegedly cheating a city-based businessman of ₹60.48 crore. The complaint, filed by businessman Deepak Kothari, revolves around a loan-cum-investment deal linked to the couple’s now-defunct company, Best Deal TV Pvt Ltd. An unidentified third person has also been named in the case.

According to Kothari, the alleged fraud took place between 2015 and 2023. He claims to have been introduced to Shetty and Kundra by Rajesh Arya, who at the time was associated with the couple’s home shopping and online retail venture. Arya allegedly sought a loan of ₹75 crore for the company, offering an annual interest rate of 12%. To reduce the tax burden, Arya suggested that the transfer be shown as an investment rather than a formal loan.

Kothari stated that he transferred ₹31.95 crore in April 2015, followed by another ₹28.54 crore between July 2015 and March 2016. Additionally, he paid ₹3.19 lakh in stamp duty. In total, his financial contribution to the company exceeded ₹60.48 crore. He claims the amount was meant to help expand the business but was instead misused for personal expenses by the accused.

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A major turning point in the matter came when Shilpa Shetty resigned as a director of Best Deal TV just a few months after the transactions took place. Soon after, an insolvency case of ₹1.28 crore emerged against the company, of which Kothari says he was completely unaware. When he asked for the return of his money, his requests allegedly went unanswered.

Given that the sum involved exceeded ₹10 crore, the matter was transferred to the Economic Offences Wing for detailed investigation. Kothari has accused Shetty, Kundra, and others of breach of trust, cheating, and criminal conspiracy.

Couple’s Legal Defence

On the other hand, Shilpa Shetty and Raj Kundra have denied any wrongdoing through their lawyer, Prashant Patil. According to Patil, the matter is “purely civil in nature” and had already been adjudicated by the National Company Law Tribunal (NCLT) in Mumbai on October 4, 2024. He stated that the company had faced severe financial distress, which led to a legal battle and eventual liquidation.

“There is no criminality involved,” Patil explained. “Our auditors have provided all required documents and detailed cash flow statements to the EOW. The concerned chartered accountants have also visited the police station over 15 times in the last year to provide evidence supporting my clients’ claims.”

Patil emphasized that the funds in question were part of an equity investment agreement, not a personal loan. He also alleged that the complaint was “baseless and malicious,” intended to tarnish the reputations of Shilpa Shetty and Raj Kundra. The couple is reportedly considering legal action against the complainant.

Background on Best Deal TV

Best Deal TV Pvt Ltd was launched as a celebrity-driven home shopping channel and online retail platform. The business attracted attention for its high-profile endorsements but reportedly ran into operational and financial difficulties within a short period. The company’s shutdown, coupled with mounting debts, became a contentious issue between its stakeholders and investors.

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What’s Next in the Case

The EOW is now expected to examine all financial transactions, agreements, and communications related to the investment. Investigators will also review the company’s insolvency proceedings and liquidation order. While the complainant insists the money was misused, the defence maintains that it was a failed business investment with no criminal intent.

The case adds to the list of controversies surrounding Raj Kundra, who has faced previous legal battles. For Shilpa Shetty, this development is another unwanted headline in her otherwise successful entertainment career. The legal process will determine whether this matter is indeed a case of cheating or simply a business dispute gone wrong.

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