Businessman and actor Shilpa Shetty’s husband Raj Kundra is once again in legal trouble. The Best Deal TV co-founder has reportedly told probe agencies that he was unable to repay a Rs 60 crore loan after demonetisation in 2016, when Rs 500 and Rs 1000 notes were suddenly banned across India.
According to a report by NDTV, Raj Kundra made this claim while being investigated by the Economic Offences Wing (EOW) of the Mumbai Police.
The case concerns claims that Raj Kundra and Shilpa Shetty defrauded Deepak Kothari, a businessman from Mumbai, of almost Rs 60 crore in what was initially characterized as a loan-cum-investment arrangement.
The EOW Probe and the Rs 60 Crore Dispute
Deepak Kothari, director of Lotus Capital Financial Services, accused Raj Kundra and Shilpa Shetty of embezzling the money for their own benefit, and the case was filed on August 14.
According to the complaint, Deepak Kothari transferred Rs 31.95 crore in April 2015 under a share subscription agreement and another Rs 28.53 crore in September 2015 as part of a supplementary agreement.
Both transactions were linked to Best Deal TV Private Limited, a home shopping venture co-founded by Raj Kundra and Shilpa Shetty. The businessman claimed he was promised 12% interest and assured monthly returns. However, the money allegedly went unreturned even after multiple reminders.
He later discovered insolvency proceedings had begun against the company, prompting suspicions of financial irregularities. Shilpa Shetty reportedly stepped down as director around the same time.
Bombay High Court’s Directive
As the investigation deepens, the Bombay High Court on Wednesday directed Raj Kundra and Shilpa Shetty to deposit Rs 60 crore if they wish to travel abroad — including to Los Angeles. The court also declined to suspend the Look Out Circular (LOC) issued against them.
The couple had approached the court seeking to quash the LOC related to the alleged Rs 60 crore fraud. The next hearing in the case has been scheduled for October 14, as reported by LiveLaw.
The controversy adds to a growing list of legal troubles for Raj Kundra, who was previously embroiled in a high-profile pornography-related case in 2021.
FAQs
Q1: Why is Raj Kundra being investigated again?
A: Raj Kundra and Shilpa Shetty are accused of defrauding businessman Deepak Kothari of Rs 60 crore through their company Best Deal TV Private Limited.
Q2: What did Raj Kundra say about the non-payment?
A: Raj Kundra reportedly told investigators that he was unable to repay the loan due to the demonetisation of Rs 500 and Rs 1000 currency notes in 2016.
Q3: What action has the Bombay High Court taken?
A: The Bombay High Court ordered Raj Kundra and Shilpa Shetty to deposit Rs 60 crore if they wish to travel abroad and refused to pause the Look Out Circular.
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