New Delhi: Shilpa Shetty and Raj Kundra have reportedly landed in legal trouble once again, as Mumbai Police has allegedly issued a Lookout Circular (LOC) against the couple in connection with a multi-crore fraud case.
According to a report by NDTV, Shilpa and Raj have been accused of defrauding a businessman of approximately Rs 60 crore in a case linked to an investment deal for their now-defunct company, Best Deal TV Pvt. Ltd.
Lookout Notice Against Shilpa Shetty and Raj Kundra?
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As per NDTV, sources in the Economic Offences Wing (EOW) revealed that the police are investigating the travel logs of Shetty and Kundra. The company’s auditor has also been summoned for questioning.
Several media reports state that businessman Deepak Kothari has alleged that the couple took Rs 60 crore between 2015 and 2023 under the pretext of expanding their business. However, Kothari claims that the money was instead used for the couple’s personal expenses. According to reports, Shilpa and Raj allegedly presented the amount as an investment for tax-saving purposes but actually took it as a loan.
The case against Shetty and Kundra was registered at Juhu Police Station on August 14, alleging that they defrauded Kothari of nearly Rs 60 crore in a loan-cum-investment deal.
It has also been alleged that in 2016, Shilpa Shetty personally guaranteed in writing that the money would be returned with 12% annual interest within a stipulated time frame. However, she reportedly resigned as the company’s director just a few months later.
Following these allegations, a report by Times Now quoted advocate Prashant Patil, who denied the accusations, stating: “There is no criminality involved and our auditors have submitted all the necessary supporting documents from time to time, as requested by the EOW, including detailed cash flow statements. The investment agreement in question is purely in the nature of an equity investment.”
The statement further described the case as “baseless” and “malicious,” claiming that the company had already received a liquidation order, which was reportedly presented to the police department.
