Financial misconduct allegations amounting to approximately 60.48 crore rupees are leveled against Shilpa Shetty and Raj Kundra within the scope of a case instituted by the Economic Offenses Wing (EOW).
Bollywood Couple Shilpa Shetty and Raj Kundra Face Fraud Charges over Alleged Misuse of ₹60.48 Crore Investment
Shilpa Shetty and her husband Raj Kundra are facing fraud charges related to a ₹60.48 crore investment deal involving Best Deal TV Pvt Ltd, an online shopping platform that is now defunct.
In 2015, businessman Deepak Kothari invested the sum between April and September, with the intention of expanding Best Deal TV. Kothari claims he was introduced to the couple by an agent named Rajesh Arya.
At the time, Shetty and Kundra were directors of the company. They initially sought a loan of ₹75 crore at 12% annual interest, but allegedly persuaded Kothari to route the funds as an “investment” to reduce tax liabilities, promising timely returns and repayment.
Kothari transferred ₹31.95 crore in April 2015 under a share subscription agreement, and ₹28.53 crore in September 2015 under a supplementary agreement. These amounts were credited to Best Deal TV’s bank accounts, with a stamp duty of ₹3.19 lakh paid.
However, when repayment and returns did not materialize, Kothari filed a complaint at Juhu Police Station, leading to an FIR under sections related to cheating, criminal breach of trust, and dishonest misappropriation of property.
The Economic Offences Wing (EOW) is currently investigating the money trail and roles of the accused in the alleged conspiracy. Shilpa Shetty and Raj Kundra have denied the allegations, calling the case "baseless and malicious."
The couple's lawyer, Prashant Patil, stated that the dispute was civil in nature, already adjudicated by the National Company Law Tribunal (NCLT) in October 2024, and involved no criminality. He also mentioned that the company had received a liquidation order and that all necessary financial documents had been provided to the authorities.
Despite these denials, the EOW investigation continues, reopening the debate about the risks associated with investing in a celebrity-endorsed business.
- Shilpa Shetty and Raj Kundra, who were once associated with an online shopping platform called Best Deal TV Pvt Ltd, are currently under investigation for allegedly misusing a ₹60.48 crore investment from businessman Deepak Kothari.
- Initially, Kothari was persuaded to route the funds as an investment, with promises of timely returns and repayment by Shetty and Kundra, while they were directors of the company.
- In the entertainment industry, investing in a celebrity-endorsed business, like Best Deal TV, might reopen debates about the inherent risks involved, given the recent fraud charges against Shilpa Shetty and Raj Kundra.
- The Economic Offences Wing (EOW) is not only investigating the money trail but also the roles of the accused in the alleged conspiracy, shedding light on the intersection of financial dealings and crime-and-justice.
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