Mumbai Police has reportedly issued a lookout circular against Bollywood actress Shilpa Shetty and her husband, businessman Raj Kundra, in connection with an alleged fraud case worth ₹60 crore. The case revolves around their now-defunct home shopping and online retail company, Best Deal TV Private Limited, and accusations made by businessman Deepak Kothari.
The Allegations
According to Kothari, between 2015 and 2023, the couple borrowed ₹60 crore from him under the pretext of expanding their business. However, instead of using the funds for business operations, they allegedly diverted the money toward personal expenses.
Initially, the amount was taken as a loan, but Kothari claims that later, citing tax-saving purposes, the couple showed it as an investment. He further alleged that Shilpa Shetty herself gave him a written personal guarantee in April 2016, assuring repayment of the funds with 12% annual interest.
However, within a few months of giving this assurance, Shilpa reportedly resigned from her position as director of the firm, leaving Kothari in uncertainty. Adding to his concerns, Kothari said he later discovered that Best Deal TV was already facing insolvency proceedings involving ₹1.28 crore — a fact he was allegedly never informed about.
Police Investigation
The Economic Offences Wing (EOW) of Mumbai Police has taken up the case and is currently probing the matter. According to NDTV reports citing EOW sources, investigators are examining the travel records of both Shilpa Shetty and Raj Kundra.
Additionally, the company’s auditor has been summoned for questioning to gather further financial details. Authorities are working to determine whether the couple misrepresented the nature of the funds and whether the intent was fraudulent from the beginning.
Defense from Shilpa Shetty and Raj Kundra
While the allegations have created a stir, the celebrity couple has strongly denied any wrongdoing. Their lawyer, Prashant Patil, issued a statement to news agency ANI, dismissing the accusations as baseless.
“All the allegations are false. There is no truth in them. We haven’t even received a copy of the FIR yet. Once we do, we’ll know the details of the charges,” Patil said.
He further argued that the transaction in question dates back 7–8 years. “If someone truly believed they were defrauded, they wouldn’t have waited nearly a decade to raise the issue. Every transaction has proper documentary evidence. If there are objections, the complainant is free to approach the Economic Offences Wing, and we are fully prepared to present our side of the story. The truth will eventually come out,” he added.
Past Controversies
This isn’t the first time Raj Kundra has faced legal scrutiny. In 2021, he was arrested in connection with a pornography-related case, though he was later released on bail. The new allegations have once again brought him and Shilpa Shetty into the spotlight, fueling public debate over the business practices of celebrity-led ventures.
What Happens Next
As the investigation unfolds, authorities will assess whether the funds were misused and whether criminal intent can be established. The lookout notice means the couple’s international travel is now restricted until the inquiry is complete.
For now, the case raises serious questions about financial transparency and accountability in celebrity-run businesses, as well as the challenges faced by investors who place their trust in star power.
