Mumbai Police Issuing Lookout Circular Against Shilpa Shetty and Raj Kundra Amid ₹60 Crore Fraud Allegations
Mumbai’s Economic Offences Wing (EOW) has initiated a Lookout Circular (LOC) against Bollywood actress Shilpa Shetty and her husband, businessman Raj Kundra, in connection with a ₹60 crore fraud case involving their now-defunct firm, Best Deal TV Pvt. Ltd. The directive aims to prevent the couple from leaving the country while the investigation is underway.
The complaint, filed in mid-August, comes from businessman Deepak Kothari, who alleges that between 2015 and 2023, he was defrauded of ₹60.4 crore under the pretext of a “loan-cum-investment” for business expansion. Kothari claims the couple misrepresented the nature of the funds to secure tax advantages. He initially transferred ₹31.95 crore in April 2015, followed by ₹28.53 crore in September 2015. Although the money was meant to be returned with interest, they shifted their portrayal of the funds from a loan to an investment.
Kothari says Shetty personally guaranteed the funds in April 2016, only to resign from her directorial position months later. He later discovered insolvency proceedings had been initiated against the company in 2017—information he claims was withheld from him.
In response, Shetty and Kundra’s legal team has dismissed the allegations as entirely false and defamatory. They argue that the matter was resolved through a legal settlement in 2024 and insist that no fraudulent activity occurred.
Investigators are currently reviewing the couple’s travel records and have also summoned the firm’s auditor for questioning. The LOC ensures that both Shetty and Kundra remain within the country while inquiries continue, signaling that authorities are treating the matter with urgency.
This development adds to the couple’s ongoing legal concerns and highlights the serious stance law enforcement has taken in this high-profile financial dispute.
The complaint, filed in mid-August, comes from businessman Deepak Kothari, who alleges that between 2015 and 2023, he was defrauded of ₹60.4 crore under the pretext of a “loan-cum-investment” for business expansion. Kothari claims the couple misrepresented the nature of the funds to secure tax advantages. He initially transferred ₹31.95 crore in April 2015, followed by ₹28.53 crore in September 2015. Although the money was meant to be returned with interest, they shifted their portrayal of the funds from a loan to an investment.
Kothari says Shetty personally guaranteed the funds in April 2016, only to resign from her directorial position months later. He later discovered insolvency proceedings had been initiated against the company in 2017—information he claims was withheld from him.
In response, Shetty and Kundra’s legal team has dismissed the allegations as entirely false and defamatory. They argue that the matter was resolved through a legal settlement in 2024 and insist that no fraudulent activity occurred.
Investigators are currently reviewing the couple’s travel records and have also summoned the firm’s auditor for questioning. The LOC ensures that both Shetty and Kundra remain within the country while inquiries continue, signaling that authorities are treating the matter with urgency.
This development adds to the couple’s ongoing legal concerns and highlights the serious stance law enforcement has taken in this high-profile financial dispute.