Mumbai businessman Deepak Kothari has accused Bollywood actress Shilpa Shetty and her husband, businessman Raj Kundra, of duping him of Rs 60.48 crore. The case, now under investigation by the Economic Offences Wing (EOW), is linked to a loan-cum-investment deal for the couple’s now-defunct online shopping platform Best Deal TV Pvt Ltd.
According to the complaint, Kothari met Shetty and Kundra in 2015 through agent Rajesh Arya. Arya proposed to expand the business by giving a loan of Rs 75 crore at 12% interest rate and advised him to send the money as an “investment” to avoid taxes. Kothari agreed and paid Rs 31.95 crore in April 2015, Rs 28.54 crore between July 2015 and March 2016, and Rs 3.19 lakh as stamp duty.
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Kothari says that in April 2016, Shilpa Shetty personally assured to return the amount, but a few months later in September, she left the post of director. After this, a bankruptcy case of Rs 1.28 crore was registered against the company, which Kothari was not informed about.
The businessman alleges that between 2015 and 2023, Shetty and Kundra used the money for personal expenses instead of business. When there was no response despite demanding the return of the money several times, he lodged a complaint of fraud and forgery at Juhu police station. Considering the seriousness of the matter, it was handed over to the EOW.
Couple Denies Allegations
Shilpa Shetty and Raj Kundra’s lawyer has dismissed the allegations, calling them baseless and purely civil in nature. He said the matter had already been settled by the NCLT Mumbai on October 4, 2024.
“This is an old transaction, wherein the company went into financial distress and eventually got entangled in a long legal battle at the NCLT. There is no criminality involved, and our auditors have submitted all the necessary supporting documents from time to time, as requested by the EOW, including detailed cash flow statements,” said advocate Prashant Patil.
“The investment agreement in question is purely in the nature of an equity investment. The company has already received a liquidation order, which has also been placed before the police department. The concerned Charter accounts have visited the police station for the last one year for more than 15 times with all the evidence supporting the claims of my clients. “
He said the case was “malicious” and meant to damage their reputation, adding that they will be taking appropriate action against those responsible.
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