Bollywood actor Shilpa Shetty and her husband, businessman Raj Kundra, have been booked in connection with a Rs 60 crore fraud case filed by a Mumbai-based businessman. The allegations stem from a loan-cum-investment deal linked to their now-defunct company, Best Deal TV Pvt Ltd.
Businessman Deepak Kothari alleged that he loaned and invested more than Rs 60 crore between 2015 and 2016 for the expansion of the couple’s online shopping venture. Instead of using the funds for business purposes, Kothari claimed the money was diverted toward their personal expenses.
According to the complaint, Kothari was introduced to the couple in 2015 by an agent named Rajesh Arya. At the time, Shetty and Kundra were directors of Best Deal TV, with Shetty holding over 87 percent of the company’s shares. Arya reportedly sought a Rs 75 crore loan at 12 percent annual interest, but later suggested classifying it as an “investment” to reduce taxes.
Kothari said he agreed to the proposal and transferred Rs 31.95 crore in April 2015 as the first installment. A second deal followed in September, after which he transferred another Rs 28.54 crore between July 2015 and March 2016. In total, Kothari said he transferred Rs 60.48 crore, along with Rs 3.19 lakh paid as stamp duty.
The businessman added that Shetty personally guaranteed repayment in April 2016. However, she resigned as company director just months later, in September. Soon afterward, Kothari discovered that an insolvency case involving Rs 1.28 crore had been filed against Best Deal TV, something he said he had not been informed about.
His repeated requests for repayment were allegedly ignored, leading him to accuse Shetty and Kundra of orchestrating a “well-planned conspiracy” over several years. He claimed they accepted funds under the guise of business investment but used them for personal expenses instead.
The case was initially registered at Juhu Police Station under charges of cheating and forgery, but was later transferred to the Economic Offences Wing (EOW), given the scale of the alleged fraud. Investigators are now examining financial records and the role of those involved.
Through their advocate Prashant Patil, Shetty and Kundra strongly denied the allegations, calling them unfounded. “This is nothing but a baseless and malicious case aimed at maligning our clients, and appropriate action is being initiated from our side against the perpetrators,” the lawyer said. He added that the matter is civil in nature and does not involve criminal wrongdoing.
The investigation remains ongoing as the EOW continues to gather evidence in the high-profile case.
