Shilpa Shetty, Raj Kundra Booked For Rs 60 Cr Fraud Allegations; Advocate Issues Official Statement

Businessman Deepak Kothari has accused Shilpa Shetty and Raj Kundra of cheating him, prompting the Mumbai Police’s Economic Offences Wing to file an FIR. As per reports, Mr. Kothari, the director of Lotus Capital Financial Services Limited, alleges that the couple took money from him to expand their business, but instead used it for personal expenses. However, Shilpa and Raj’s advocate has issued an official statement denying all these allegations and stating that no criminality is involved.

Shilpa Shetty, Raj Kundra’s Advocate Issues Official Statement

The couple’s lawyer, Advocate Prashant Patil, stated, “My clients have been informed by a certain segment of electronic and print media that there is an alleged case registered against my clients at the Economic Offence Wing, Mumbai. At the outset, my clients deny all the allegations against them, which are purely civil in nature and have been adjudicated by the NCLT Mumbai on 04/10/2024. This is an old transaction, wherein the company went into financial distress and eventually got entangled in a long legal battle at the NCLT. 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.”

He added, “The investment agreement in question is purely like an equity investment. The company has already received a liquidation order, which has also been placed before the police department. The concerned Charter accounts have visited the police station for the last year more than 15 times, with all the evidence supporting the claims of my clients. This is nothing but a baseless and malicious case aimed at maligning our clients, and appropriate action is being initiated from our side against the perpetrators.”

What Are Shilpa Shetty And Raj Kundra Being Booked For?

The businessman stated that the couple approached him in 2015, seeking a Rs 75 crore loan for their company, Best Deal TV Private Limited. It is a shopping TV channel, and the deal was at a 12 per cent interest rate. He claims Ms. Shetty and Mr. Kundra later asked him to treat the funds as an “investment” rather than a loan, assuring him of monthly returns and repayment of the principal.

Mr. Kothari said he transferred Rs 31.95 crore in April 2015 under a share subscription agreement, and Rs 28.53 crore in September 2015 under a supplementary agreement. The amounts were credited to Best Deal TV’s bank accounts.

In his complaint, the businessman stated that repeated attempts to recover the funds failed, accusing the couple of “dishonestly using” the money. The Economic Offences Wing is currently investigating the case.

Raj Kundra has recently made headlines for the wrong reasons. Last year, his premises were searched by the Enforcement Directorate in connection with a money laundering case. In 2021, he was arrested in a case related to the production and streaming of pornographic films but was later granted bail.

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Also Read: Raj Kundra says, “Shilpa Shetty deserves better”; comments on her name being used as clickbait amid relentless scrutiny

Akankshya Mukherjee

Akankshya Mukherjee is a dynamic and ambitious individual poised to make waves in the realm of Media and Communication. With a passion for creativity and a drive to contribute to forward-thinking organizations, Akankshya embodies adaptability and a hunger for learning. Having already garnered experience through involvement in various organizations, she has honed the skill of quickly adapting to new environments and challenges. She sees each opportunity as a chance for personal and professional growth, eagerly embracing roles in communications and content writing.