Bollywood actress Shilpa Shetty and her husband, businessman Raj Kundra, are under severe allegations of cheating a businessman out of over 60 crore. The complaint filed by Deepak Kothari, director of Lotus Capital Financial Services Ltd, alleges the alleged fraud took place between 2015 and 2023. In the complaint, the couple went to Kothari in 2015 through a middleman to take a loan of 75 crore for their business venture, Best Deal TV Pvt Ltd, which focuses on selling lifestyle products via an online shopping website.
Raj Kundra, Shilpa Shetty React To Fraud Claims
The initial proposal was made as a 12% interest-bearing loan, but at a later stage, the couple allegedly proposed accepting it as an investment with a guarantee of monthly returns and return of the principal, according to the complaint.
Kothari claims he remitted 31.95 crore in April 2015 and another 28.53 crore in September 2015 pursuant to formal contracts. The money, he says, was deposited into the company account but not repaid. Rather, he accuses the couple of using the funds for their own purposes.
The Economic Offences Wing (EOW) is examining financial documents, agreements, and the suspected misappropriation of funds involved in the case.
This was refuted by Shilpa and Raj’s lawyer, Prashant Patil, in a forceful denial of the allegations. He said his clients heard about the case through the media and averred that the issue was simply civil, already settled by the National Company Law Tribunal (NCLT) in October 2024. In his account, the deal was a component of an equity investment in an enterprise that subsequently incurred financial strain and went into liquidation.
Patil further stated that all the documents required, such as cash flow statements, had been submitted to the authorities during the last year. He reiterated that there was no aspect of criminal malfeasance and termed the case “an attempt to sully their reputation.
He also alleged the auditors of the company had come to the police station several times with proof in favour of Shilpa and Raj. The couple now intend to sue those whom they say are lying about them.