Bollywood actress Shilpa Shetty and her spouse Raj Kundra have refuted accusations of defrauding a businessman of more than ₹60 crore, asserting, “There is no criminality involved and our auditors have provided all necessary documentation to the Economic Offences Wing (EOW).”
A complaint has been filed against the couple by businessman Deepak Kothari, who alleges that the actor and her husband solicited funds for their company, Best Deal TV Pvt Ltd, under the guise of business expansion but misappropriated the funds for personal use. Kothari asserts that the transactions occurred between 2015 and 2023 and that efforts to recover the funds have been unsuccessful.
According to information from Mint: “In a conversation with HT, attorney Prashant Patil, who represents the couple, stated: “My clients have received information from various sections of both electronic and print media regarding an alleged case filed against them at the Economic Offences Wing in Mumbai. Initially, my clients categorically refute all allegations made against them, which are solely civil matters and have already been resolved by the NCLT Mumbai on 04/10/2024.”
He remarked: “This transaction is from a previous date, during which the company faced financial challenges and eventually became entangled in a prolonged legal conflict at the NCLT. There is no indication of any criminal conduct, and our auditors have consistently supplied all necessary supporting documentation as requested by the EOW, including detailed cash flow statements. The investment agreement currently under consideration pertains exclusively to an equity investment.”
The complainant alleged that in 2015, Shetty and Kundra reached out to Kothari through a mediator to request a loan of ₹75 crore for Best Deal TV Pvt Ltd, a firm that focuses on marketing lifestyle products and runs an online shopping platform. The proposed interest rate for this loan was set at 12 percent.
Subsequently, they purportedly asked Kothari to consider the funds as an “investment” instead of a loan, assuring him of monthly returns and the repayment of the principal amount.
Kothari mentioned that he remitted ₹31.95 crore in April 2015 through a share subscription agreement, followed by an extra ₹28.53 crore in September 2015 via a supplementary agreement. The complete amount was deposited into the bank accounts of Best Deal TV.
He further asserted that numerous attempts to retrieve the funds had failed and charged the couple with “dishonestly utilizing” the money for their personal gain.
It is important to note that this is not the initial fraud case involving Raj Kundra. In December 2024, he was called upon by the Enforcement Directorate in connection with a money laundering investigation related to the purported unlawful distribution of pornographic films.