Before traveling abroad, deposit ₹60cr: HC tells Shilpa Shetty-Raj Kundra
What's the story
The Bombay High Court has reportedly ordered actor Shilpa Shetty and her husband, businessman Raj Kundra, to deposit ₹60cr if they want to travel abroad. This directive came on Wednesday and is part of an ongoing fraud investigation against them. The couple is accused of cheating a businessman through their company Best Deal TV Pvt Ltd, in a case involving financial misconduct between 2015 and 2023.
Case background
What is the case all about?
The case was filed by Deepak Kothari, director of Lotus Capital Financial Services Ltd. He alleged that Shetty and Kundra approached him for a ₹75cr loan to expand their television shopping venture, Best Deal TV. The proposed loan had a 12% interest rate. However, the couple later asked Kothari to invest the amount as equity with monthly returns and repayment of the principal amount.
Fund transfer
Kothari transferred money to their company bank accounts
Believing the couple's assurances, Kothari transferred ₹31.95cr in April 2015 and another ₹28.53cr in September 2015 to the company's bank accounts, thus taking the total to ₹60.48cr. However, he alleged that he never received the promised returns on his investment. He also claimed that repeated attempts to recover the funds went unanswered, and that the money was allegedly used for personal expenses instead of business purposes.
Ongoing probe
Investigation underway; look out circular issued
After Kothari's complaint, the Mumbai Police Economic Offences Wing (EOW) initiated an investigation. So far, five individuals, including Kundra, have been questioned and the financial transactions linked to Best Deal TV are under scrutiny. In September, the EOW issued a Look Out Circular (LOC) against Shetty and Kundra, restricting their travel outside India without prior permission. Shetty was also recently questioned by EOW officials for over four hours regarding her role in the company and financial involvement.