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4d ago

Mumbai Police Issue Look Out Circular for Shilpa Shetty and Raj Kundra in ₹60-Crore Fraud Probe

Police cited the couple’s frequent international travel to justify the immigration alert during the EOW’s ₹60.48 crore fraud investigation.

Image Source: Instagram
Shilpa Shetty and Raj Kundra earlier responded to the allegations and termed them as baseless.
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Overview

  • The Economic Offences Wing registered an FIR on August 14 after a complaint by businessman Deepak Kothari alleging cheating and breach of trust.
  • Investigators booked the case under IPC sections 403, 406 and 34 following a preliminary inquiry and transferred it from Juhu police station due to the amount involved.
  • Kothari says he transferred ₹31.95 crore in April 2015 and ₹28.53 crore in September 2015 to Best Deal TV under loan‑cum‑investment agreements, alleging the funds were diverted for personal use.
  • Best Deal TV is now defunct, records show the couple held about 87.6% of shares, Shilpa Shetty resigned as director in September 2016, and insolvency proceedings began in 2017.
  • Through advocate Prashant Patil, the couple deny criminality, call the matter a civil dispute already addressed by the NCLT in October 2024, and say auditors have provided cash‑flow records to the EOW.