Mumbai: The Mumbai police's Economic Offences Wing (EOW) has issued a Lookout Circular (LOC) against Bollywood star Shilpa Shetty and her husband, businessman Raj Kundra, over an alleged Rs 60 crore cheating case. The move aims to prevent the couple, known for frequent international travel, from leaving the country.
The case was lodged at Juhu police station on August 14, accusing the couple of duping a businessman in a loan-cum-investment deal. Deepak Kothari, a 60-year-old director of an NBFC called Lotus Capital Finance Services and resident of Juhu, filed the complaint.
Kothari claims he was introduced to Shilpa and Raj through one Rajesh Arya. Seeking a Rs 75 crore loan, Shilpa and Raj, then directors of Best Deal TV Private Limited, allegedly misrepresented it as an investment to bypass higher taxes. They assured Kothari of monthly returns and capital repayment.
The complaint details how Kothari transferred Rs 31.9 crore in April 2015 under a share subscription agreement and an additional Rs 28.53 crore through a supplementary agreement in September 2015. Despite personal guarantees given in 2016, Shilpa resigned as director in September that year. Kothari later discovered the company faced insolvency in 2017 over another defaulted agreement. He alleges the borrowed funds were misappropriated for personal use.
Recently, a statement from Shetty and Kundra’s legal counsel was released, refuting these allegations as purely civil matters, previously addressed by the NCLT Mumbai on October 4, 2024. The statement argues there is no criminal misconduct and assures that all necessary finance records, including cash flow details, have been furnished to the EOW.
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