Shilpa Shetty, Raj Kundra refute ₹60 crore cheating allegations: ‘An old transaction…’
Bollywood couple Shilpa Shetty and Raj Kundra refute cheating allegations from businessman Deepak Kothari, asserting that the claims are civil in nature and have been resolved by NCLT Mumbai. They emphasise no criminal activity and compliance with EOW requests regarding their investment.
Bollywood actor Shilpa Shetty and her husband Raj Kundra, have dismissed allegations of cheating a businessman of over ₹60 crore, saying, “there is no criminality involved and that our auditors have submitted all the supporting documents to the Economic Offences Wing (EOW).”
A complaint has been registered against the couple by businessman Deepak Kothari, claiming that the actor and her husband had sought funds for their company, Best Deal TV Pvt Ltd, under the pretext of business expansion but misused the money for personal purposes. Kothari claims the transactions took place between 2015 and 2023 and that attempts to recover the money failed.
How Does Shilpa Shetty and Raj Kundra’s Lawyer Respond?
Speaking with HT, advocate Prashant Patil, representing the couple, said: “My clients have been informed by certain segments of electronic and print media that there is an alleged case registered against my clients at the Economic Offences Wing, Mumbai. At the outset, my clients deny all the allegations against my clients, which are purely civil in nature and have been adjudicated by the NCLT Mumbai on 04/10/2024.”
He added: “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. The investment agreement in question is purely in the nature of an equity investment.”
What Are The Allegations?
The complainant stated that Shetty and Kundra contacted Kothari, in 2015, via a mediator, to seek a ₹75 crore loan for Best Deal TV Pvt Ltd, a company that specialises in promoting lifestyle products and operates an online shopping platform. The suggested interest rate for the loan stood at 12 per cent.
Later, they allegedly requested Kothari to treat the funds as an "investment" rather than a loan, promising monthly returns and repayment of the principal.
Kothari stated that he transferred ₹31.95 crore in April 2015 via a share subscription agreement and an additional ₹28.53 crore in September 2015 through a supplementary agreement. The total funds were credited to the bank accounts of Best Deal TV.
He also claimed that multiple efforts to recover the funds were unsuccessful and accused the couple of "dishonestly using" the money for their own benefit.
Notably, this is not the first fraud case against Raj Kundra. He was summoned in December 2024 by the Enforcement Directorate over a money laundering case linked to the alleged illegal distribution of pornographic movies.
The case dates back to May 2022 and involves at least two FIRs and chargesheets filed by the Mumbai Police against Kundra and others. The businessman and several others were arrested but were subsequently granted bail.