Shilpa Shetty, Raj Kundra accused of cheating businessman in Rs 60.48 crores loan-cum-investment deal: Reports

Actor Shilpa Shetty Kundra, her businessman husband Raj Kundra, and another unidentified individual have been booked by the Economic Offences Wing (EOW) of the Mumbai Police for allegedly cheating a city-based businessman of Rs 60.48 crores in a loan-cum-investment arrangement tied to their now-defunct company, Best Deal TV Pvt Ltd, according to a report.

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The FIR, initially registered at Juhu police station under various sections of the IPC for cheating and forgery, was later transferred to the EOW as the financial sum involved exceeded Rs 10 crores.

The complaint was lodged by Deepak Kothari (60), a Juhu resident and director of Lotus Capital Financial Services, a non-banking financial company, through his advocates Dr Yusuf Iqbal and Zain Shroff, reported.

As per the FIR, Kothari was introduced to the Kundras by Rajesh Arya. At the time, Shilpa Shetty and Raj Kundra reportedly held 87.6% shares in Best Deal TV, an online retail and home shopping platform.

The accused allegedly sought a Rs 75 crores loan at 12% annual interest, but later advised Kothari to route it as an investment to avoid higher taxation.

They allegedly promised fixed monthly returns along with the repayment of the principal amount.

Kothari claims he transferred Rs 31.95 crores in April 2015 under a share subscription agreement, followed by Rs 28.53 crores in September 2015 under a supplementary agreement.

In April 2016, a personal guarantee was reportedly provided. However, Shilpa Shetty resigned as company director in September 2016.

According to the complaint, in 2017, Kothari discovered insolvency proceedings against Best Deal TV for defaulting on another agreement.

Despite repeated follow-ups — including during the COVID-19 pandemic — he alleges that the money was never returned. Kothari has claimed that the transactions were misrepresented and that his funds were diverted, causing major financial losses.

Reacting to the allegations, Prashant Patil, legal counsel for Shetty and Kundra, strongly denied the claims.

Patil further added that the Kundras’ auditors have already provided the EOW with detailed cash flow statements and all requested documents, emphasising that the matter has been legally settled in the appropriate forum.

The EOW is now examining financial transactions, agreements, and alleged diversion of funds linked to the case. Further developments are awaited as the investigation continues.