Lookout notice likely for Shilpa, Raj in ₹60cr fraud case
What's the story
Mumbai Police are reportedly preparing a lookout circular against actor Shilpa Shetty and her husband, businessman Raj Kundra, reported NDTV. The couple is accused of embezzling around ₹60 crore from businessman Deepak Kothari between 2015 and 2023. Kothari alleges that the funds were taken under the pretext of business expansion but were actually used for personal expenses.
Fraud details
Alleged embezzlement carried out through company
The alleged embezzlement was carried out through now-defunct company named Best Deal TV Pvt Ltd. The couple reportedly took the money as a loan but later presented it as an investment for tax benefits. Kothari claims he was promised the return of the money within a specific period at 12% annual interest, with Shetty giving him a personal guarantee in April 2016.
Company troubles
Kothari claims he was not informed about several developments
However, Kothari alleges that a few months later, Shetty resigned as director of the company. He claims he was not informed about this development. Later, it was discovered that an insolvency case of ₹1.28 crore is pending against the company, which Kothari says he was also not made aware of.
Legal action
Here's what the couple is up to recently
In light of these allegations, the Mumbai Police are preparing to issue a lookout circular against Shetty and Kundra. This will prevent them from leaving the country amid ongoing investigations into the case. Kothari has also filed a complaint with the Economic Offenses Wing (EOW) of Mumbai Police, seeking justice for his alleged financial loss. This comes amid Shetty shifting her iconic eatery Bastian's location and announcing two new eateries. Meanwhile, Kundra is busy with his new Punjabi film, Mehar.