Court hasn't directed me to deposit any amount: Raj Kundra
What's the story
Businessman Raj Kundra has denied reports that the Bombay High Court ordered him and his actor wife Shilpa Shetty Kundra on Wednesday to deposit ₹60 crore before traveling abroad. The couple is embroiled in a fraud case filed by Deepak Kothari, director of Lotus Capital Financial Services Ltd. He alleged that between 2015 and 2023, the duo misused funds given for their television shopping venture Best Deal TV Pvt Ltd.
Statement
'Court has merely sought details regarding the purpose of travel'
Kundra told HT City, "The court has not directed me to deposit any amount, as incorrectly stated. It has merely sought details regarding the purpose of travel along with the formal correspondence to be submitted on the next hearing date, October 14." He also expressed his displeasure over what he called "repeated misrepresentations" by Kothari.
Legal action
Action is being taken against Kothari, says Kundra
Kundra further said, "I have had enough of the claimant's repeated misrepresentations, and action is being taken against the claimant as we speak. Many facts will come to light in the coming days. I urge the media to verify facts before publishing misleading information." The case is being probed by Mumbai Police's Economic Offences Wing (EOW).
Allegations
What is the case against Shilpa-Raj?
Kothari alleged that the couple used ₹60cr given by him for their personal expenses instead of business purposes. He claimed they had approached him for a ₹75cr loan to expand Best Deal TV but later asked him to invest it as equity with monthly returns and principal repayment. However, he never received the promised returns despite transferring a total of nearly ₹60.48cr to their company's bank accounts in 2015.
Ongoing probe
EOW issued look out circular against Shetty Kundra and Kundra
Following Kothari's complaint, the EOW launched an investigation and recorded statements of five individuals, including Kundra. The agency is closely examining financial transactions linked to Best Deal TV. In September, the EOW issued a Look Out Circular (LOC) against Shetty Kundra and Kundra, restricting their travel outside India without prior permission. Recently, the actor was questioned for over four hours about her role in the company and financial involvement.