Mumbai Police has issued a lookout circular (LOC) against Bollywood actor Shilpa Shetty and her businessman husband Raj Kundra in connection with a ₹60 crore fraud case tied to their now-defunct venture, Best Deal TV Pvt Ltd. The move comes amid allegations by businessman Deepak Kothari, who claims the celebrity couple defrauded him under the guise of an investment deal.
The Allegations
According to the complaint, between 2015 and 2023, Kothari invested around ₹60 crore in the couple’s company with the promise of 12% annual returns. He says the couple assured repayment within a specific timeframe and even produced a personal guarantee letter signed by Shilpa Shetty in April 2016. However, soon after, Shetty reportedly resigned as director of the firm, leaving Kothari in the dark.
Kothari further alleged that instead of channeling funds into the company’s growth, the money was diverted towards the couple’s personal expenses. Adding to his grievances, he later discovered that the company was already entangled in an insolvency case of ₹1.28 crore, information he claims was deliberately concealed from him.
Police Investigation
The case is now being probed by the Economic Offences Wing (EOW) of Mumbai Police. Officials are examining the couple’s travel records, while the company’s auditor has been summoned for questioning to understand the financial trail.
Sources suggest that the LOC was issued to ensure that the high-profile couple does not leave the country while the investigation is underway.
The Couple’s Defence
Shilpa Shetty and Raj Kundra have strongly denied the charges, dismissing them as “baseless and malicious.” In their statement, they insisted the case was an attempt to “malign their reputation”, stressing that the allegations had no merit.
A History of Scrutiny
This is not the first time Kundra has faced the spotlight for alleged financial irregularities. His earlier involvement in the pornography app case and frequent brushes with controversy have kept him under the scanner, often dragging Shetty into the headlines despite her distancing herself from business operations.
What Lies Ahead
With a lookout circular in place, the investigation into the Best Deal TV fraud case is expected to intensify in the coming weeks. The EOW will be scrutinizing financial records, contractual agreements, and testimonies to establish whether the couple knowingly misled investors or fell victim to business failure.
For now, Shilpa Shetty continues her Bollywood and television commitments, while Raj Kundra maintains his business presence in Mumbai, both firmly denying any wrongdoing.
