Shilpa Shetty & Raj Kundra ₹60 Crore Cheating Case Explained

Bollywood actress Shilpa Shetty and her businessman husband Raj Kundra have once again found themselves in the legal spotlight — this time over an alleged ₹60.4 crore cheating case involving their now-defunct company, Best Deal TV Pvt Ltd. The case, filed by Mumbai-based businessman Deepak Kothari, alleges financial fraud by the celebrity couple spanning nearly a decade. The duo, however, have strongly denied all allegations, calling the claims “baseless” and “malicious.”

What Is the ₹60 Crore Fraud Case About?

The complaint, lodged by Deepak Kothari, director of Lotus Capital Financial Services Ltd, centres on a loan-cum-investment deal that began in 2015. According to Kothari, he was introduced to the couple by a mediator, Rajesh Arya, at a time when Shetty and Kundra were directors of Best Deal TV — an online shopping and home retail platform where they reportedly held a combined 87.6% stake.

Initially, the couple allegedly sought a ₹75 crore loan for business expansion, offering a 12% interest rate. However, Kothari claims the terms later changed — they urged him to structure the funds as an “investment” instead of a loan, allegedly to avoid higher tax liabilities. In exchange, they promised monthly returns and full repayment of the principal.

How the Transactions Happened

April 2015 – Kothari says he transferred ₹31.95 crore under a share subscription agreement.
September 2015 – He claims he transferred another ₹28.53 crore through a supplementary agreement.

This brought the total amount to ₹60.48 crore, which Kothari says went directly into Best Deal TV’s HDFC Bank accounts.

Allegations of Misuse of Funds

Kothari alleges that instead of using the money for the company’s growth, Shetty and Kundra dishonestly diverted the funds for personal benefit. He claims multiple attempts to recover the money failed, even after involving the mediator.

In September 2016, Shilpa Shetty reportedly resigned from Best Deal TV. The following year, insolvency proceedings began against the company after it defaulted on another investor’s agreement. Kothari says he later discovered these proceedings, which deepened his suspicion of wrongdoing.

Police and Legal Action

The case was first lodged at Juhu Police Station under various sections of the Indian Penal Code (IPC), including:

Section 403 – Dishonest misappropriation of property
Section 406 – Criminal breach of trust
Section 34 – Common intention

Given the financial scale — exceeding ₹10 crore — the investigation was handed over to the Economic Offences Wing (EOW) of the Mumbai Police after a preliminary inquiry.

Other Legal Troubles for the Couple

This is not the first time Raj Kundra’s name has appeared in high-profile legal cases:

2021 Adult Content Case – Kundra was arrested by Mumbai Police for allegedly producing and distributing pornographic films, later securing bail.
2022–2024 Money Laundering & Cryptocurrency Case – The Enforcement Directorate attached assets worth ₹98 crore belonging to Kundra and Shetty in connection with alleged Bitcoin fraud.
Gold Scheme Complaint – Earlier this year, the couple were accused by businessman Prithviraj Kothari of defrauding him in a gold investment scheme.

Shilpa Shetty & Raj Kundra’s Defence

In response to the latest allegations, the couple’s advocate, Prashant Patil, issued a strongly worded statement. He insisted the case is “purely civil in nature” and has already been adjudicated by the National Company Law Tribunal (NCLT) Mumbai on October 4, 2024.

“My clients deny all the allegations, which are baseless and aimed at maligning their reputation. There is no criminality involved,” Patil said.

He described the matter as an old business transaction that became contentious due to financial distress, not fraud. Patil added that auditors had provided all required documents — including cash flow statements — to the EOW and that chartered accountants had visited the police station over 15 times with evidence supporting the couple’s position.

The advocate further pointed out that the investment in question was equity-based, and Best Deal TV had already received a liquidation order, which had been submitted to the authorities. He said the couple is preparing to take legal action against what they call a “malicious attempt” to damage their public image.

Where the Case Stands Now

With the EOW now leading the investigation, the matter will proceed under the criminal justice system despite the couple’s claims of a civil dispute. Kothari’s accusations remain firm, and the celebrity couple’s defence equally resolute, setting the stage for a prolonged legal battle.

The ₹60 crore cheating case against Shilpa Shetty and Raj Kundra underscores the growing scrutiny on celebrity-run businesses and the fine line between investment disputes and criminal allegations. As legal proceedings unfold, the case will not only determine the couple’s liability but may also shape public perception of how high-value business deals involving public figures are handled in India.

For now, the story remains one of high-profile allegations, staunch denials, and an uncertain legal outcome — with both sides claiming the truth is on their side.

With inputs from agencies

Image Source: Multiple agencies