Businessman Accuses Shilpa Shetty and Raj Kundra of Financial Fraud

Deepak Kothari, a Mumbai businessman, has accused Shilpa Shetty and her husband, Raj Kundra, of defrauding him of Rs 60.48 crore, leading to an investigation by the Economic Offences Wing (EOW). The case involves a loan-cum-investment arrangement related to their former online shopping venture, Best Deal TV Pvt Ltd. Kothari alleges that he was introduced to Shetty and Kundra in 2015 by agent Rajesh Arya. Arya proposed a loan of Rs 75 crore with a 12% interest rate, suggesting the money be categorized as an ‘investment’ to avoid tax liabilities. Kothari subsequently invested 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. Kothari claims that Shilpa Shetty personally promised to return the amount in April 2016, but she later stepped down as a director in September. He further states that he was unaware of the bankruptcy case of Rs 1.28 crore filed against the company. The businessman alleges that the funds were used for personal expenses by Shetty and Kundra between 2015 and 2023. After several attempts to retrieve the money, Kothari filed a complaint for fraud and forgery at the Juhu police station, which was then transferred to the EOW. The legal representatives for Shilpa Shetty and Raj Kundra have denied the accusations, deeming them baseless and civil in nature, emphasizing that the matter had been resolved by the NCLT Mumbai on October 4, 2024. Their lawyer clarified that the investment was structured as an equity investment.