A Mumbai-based businessman, Deepak Kothari, has accused Shilpa Shetty and Raj Kundra of defrauding him, leading to an investigation by the Economic Offences Wing (EOW). The alleged fraud involves Rs 60.48 crore related to an investment deal for their former online shopping venture, Best Deal TV Pvt Ltd. According to the complaint, Kothari met the couple in 2015 through an intermediary, Rajesh Arya. Arya proposed a loan arrangement of Rs 75 crore with a 12% interest rate, recommending that the funds be categorized as an ‘investment’ for tax efficiency. Kothari subsequently paid Rs 31.95 crore in April 2015, Rs 28.54 crore between July 2015 and March 2016, and Rs 3.19 lakh for stamp duty. Kothari claims that Shilpa Shetty gave a personal assurance in April 2016 that the money would be returned, but she later resigned from her directorship in September. A bankruptcy case of Rs 1.28 crore was later initiated against the company, a development Kothari says he was unaware of. The businessman alleges that Shetty and Kundra utilized the funds for personal purposes from 2015 to 2023. Following a lack of response to his requests for repayment, Kothari filed a complaint of fraud and forgery at the Juhu police station. The case was then referred to the EOW. In response, the couple’s legal counsel has dismissed the claims as unfounded and purely civil in nature, stating that the matter had been resolved by the NCLT Mumbai on October 4, 2024. The lawyer further stated that the investment agreement was an equity investment, and the company had received a liquidation order.
EOW Investigating Allegations of Rs 60.48 Crore Fraud Against Shilpa Shetty and Raj Kundra
