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Bollywood Icons Shilpa Shetty and Raj Kundra Face Fraud Charges in Rs. 60.48 Crore Best Deal TV Investment Case. EOW Probe Heats Up!
Bollywood actor Shilpa Shetty and her husband Raj Kundra are facing fraud charges over an alleged cheating case of Rs. 60.48 crore. The Economic Offences Wing (EOW) of Mumbai Police registered the case after a complaint by businessman Deepak Kothari, director of Lotus Capital Financial Services.
Loan Request Turned Investment Deal
The case is linked to the couple’s old company, Best Deal TV Pvt Ltd, which is now shut. Kothari says that in 2015, he was introduced to Raj Kundra through an agent. The couple first asked for a loan of Rs. 75 crore for business growth. Later, they suggested that the money should be given as an investment instead of a loan, saying it would help in reducing taxes. They promised monthly returns and repayment of the full amount.
Kothari claims he transferred Rs. 31.95 crore in April 2015 and another Rs. 28.53 crore in September 2015 under agreements made with the company. Together, this added up to Rs. 60.48 crore. He says that instead of using the money for the business, the couple used it for personal purposes.
Company Closure and Legal Battle
Shilpa Shetty reportedly owned over 87% shares in Best Deal TV. In 2016, she resigned as a director after giving a personal guarantee earlier that year. Later, insolvency proceedings started against the company for defaulting on another deal.
Kothari says that for years, he tried to get the money back, but the couple avoided repayment. The police have booked them under IPC Sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention).
The EOW probe is ongoing. According to the police, the money given for investment was not returned and was diverted from its intended purpose.
Shilpa Shetty and Raj Kundra denied all of the allegations brought against them. Their lawyer states that the accusations are false, an attempt to tarnish the couple's image, and that the matter pertains to a very old transaction already dealt with in court.
This case has reopened the whole debate about the risks associated with investing in a celebrity-endorsed business and the need to have clear contracts. Now, the investigation shall decide if further legal recourse is required.