Raj Kundra, Shilpa Shetty Booked in ₹60 Crore Fraud Case
Mumbai Police’s Economic Offences Wing (EOW) has launched an investigation against businessman Raj Kundra and his wife, Bollywood actor Shilpa Shetty, over allegations of a ₹60 crore fraud linked to their now-defunct home shopping company, Best Deal TV Private Limited.
The complaint, filed by Mumbai-based businessman Deepak Kothari, alleges the couple conspired to cheat him over a period spanning from 2015 to 2023. Kothari, who is the director of Lotus Capital Financial Services, claims the duo misused his funds for personal gain.
The Origins of the Dispute
At the time of the deal, Raj Kundra and Shilpa Shetty held an 87.6% stake in Best Deal TV, a home shopping and online retail venture. Shilpa Shetty later resigned as director in September 2016.
Kothari alleges that in 2015, the couple approached him for a ₹75 crore loan at a 12% interest rate. To avoid high taxes, they allegedly persuaded him to invest directly in the company instead, promising monthly returns and the eventual return of his principal.
The Investment Trail
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April 2015: ₹31.95 crore invested under a share subscription agreement.
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September 2015: ₹28.53 crore invested under a supplementary agreement.
In total, around ₹60 crore was deposited into Best Deal TV’s HDFC Bank accounts.
However, Kothari claims the company began bankruptcy proceedings just a year after Shilpa’s resignation due to irregularities in another deal. He alleges his investment was diverted for the couple’s personal benefit.
From Business Failure to Criminal Case
Kothari says that despite multiple assurances, neither the returns nor the principal amount were paid back. With the alleged fraud exceeding ₹10 crore, the case was transferred to the EOW of the Mumbai Police for further investigation.
The EOW will now probe whether the funds were indeed misappropriated and whether the couple violated financial regulations.
Previous Legal Troubles
This is not the first time Kundra and Shetty have faced fraud allegations:
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Gold Scheme Case: Earlier this year, the couple was accused in a separate financial fraud related to a gold investment plan.
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Adult Content Case: In 2021, Raj Kundra was arrested in connection with a pornography production case.
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Bitcoin Fraud Probe: Kundra is also under investigation in a separate cryptocurrency fraud matter.
Public and Industry Reactions
The case has reignited public debate about celebrity-linked financial scams, with social media hashtags like #RajKundraCase and #ShilpaShetty trending.
While some users demand strict action to set an example, others caution against a media trial before the investigation is complete. The couple has yet to issue an official statement regarding the latest allegations.
What Lies Ahead
Legal experts say that if the EOW finds sufficient evidence of cheating, breach of trust, or misappropriation, Kundra and Shetty could face serious criminal charges under the Indian Penal Code, including Sections 420 (Cheating) and 406 (Criminal Breach of Trust).
Given their public profile and the large sum involved, the case is likely to draw widespread media coverage in the coming weeks.
For credible legal updates, readers can follow coverage from NDTV and The Hindu, as well as official Mumbai Police announcements.