Businessman Raj Kundra, husband of Bollywood actor Shilpa Shetty, has been summoned by the Economic Offences Wing (EOW) of Mumbai Police in connection with a Rs 60 crore cheating and fraud case. The summons, initially issued for Wednesday, was deferred to September 15 after Kundra requested more time to appear.
Reports state that, along with Kundra, the EOW has also summoned an auditor associated with the National Company Law Tribunal (NCLT), whom the complainant had previously approached.
This action follows the issuance of a Lookout Circular against the couple, restricting their international travel amid ongoing investigations.
The complaint has been filed by Deepak Kothari (60), a Juhu-based businessman and director of Lotus Capital Financial Services, a non-banking financial company (NBFC). Kothari alleges he was duped of Rs 60.48 crore by Raj Kundra and Shetty under the pretext of a loan-cum-investment agreement, as per the reports.
The Allegations:
Kothari claims he came in contact with Raj Kundra and Shilpa Shetty through an associate named Rajesh Arya.
Kundra and Shetty were directors of Best Deal TV Pvt Ltd, a home-shopping and online retail platform.
The accused reportedly sought a loan of Rs 75 crore in 2015, which was disguised as an “investment” to avoid higher tax liability.
Kothari alleges he transferred Rs 31.9 crore in April 2015 via a Share Subscription Agreement, followed by an additional Rs 28.53 crore in September 2015 under a Supplementary Agreement.
In April 2016, a personal guarantee was provided, but Shilpa Shetty later resigned as director in September 2016.
Kothari alleges that instead of using the funds for business expansion, the money was misappropriated for personal use. He also discovered in 2017 that insolvency proceedings were initiated against Best Deal TV due to defaults in other agreements.
Defence statement:
The couple`s legal team has dismissed the allegations, stating the matter is purely civil in nature and had already been adjudicated by NCLT Mumbai in October 2024.
“This is an old transaction involving a company that went into financial distress and was entangled in a long legal battle at the NCLT,” the statement read, according to the reports.
The lawyers also claimed that there was no criminal intent involved and all cash flow statements and supporting documents had been submitted to the EOW as required.
The FIR in the case has been registered at Juhu Police Station, and investigations are currently underway, as per the reports.
