Raj Kundra, the husband of Bollywood actress Shilpa Shetty, has called in by the Economic Offences Wing (EOW) regarding a ₹60.48 crore investment fraud, according to the Mumbai Police. His initial court date on September 10 pushed back to September 15. A Lookout Circular (LoC) also issued to stop the couple from leaving India.
The fraud came to light after Deepak Kothari, a 60-year-old businessman from Mumbai and director of Lotus Capital Financial Services, filed a complaint. He accused Shetty and Kundra of misusing funds between 2015 and 2023 for their own benefit, as reported.
Raj Kundra falls in ₹60.48 crore investment fraud case
The FIR filed at Juhu police station on August 13 mentioned that Kothari introduced to Raj Kundra by a mutual acquaintance. He was told that the couple held almost 88% of the shares in Best Deal TV, a home-shopping and online retail platform.
Kundra initially requested a loan of ₹75 crore at a 12% annual interest rate. Kothari claimed he later convinced to consider the amount an investment, with promises of better returns and a way to avoid taxes. He stated in his complaint that he transferred the full amount in parts throughout 2015. However, he soon learned that the company going through insolvency proceedings for allegedly defrauding another investor.
Shilpa Shetty stepped down as director in 2016. Kothari reported that when he asked Kundra to start the repayments, Kundra kept delaying, citing the COVID-19 pandemic as an excuse.
Shilpa Shetty’s restaurant in Bandra shuts down
Shilpa Shetty’s upscale Mumbai restaurant, Bastian Bandra, closed last Thursday, September 4. This happened shortly after she and her husband, Raj Kundra, faced serious cheating allegations from Kothari. Although Shetty did not link the restaurant’s closure to the ongoing legal issues, the timing shows a connection as the couple deals with a case related to their now-defunct home shopping venture.
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