Shilpa Shetty, Raj Kundra charged for cheating businessman of Rs 60 crore
The businessman contends that he initially transferred Rs 31.95 crore in April 2015 under a share subscription agreement, followed by Rs 28.53 crore under a supplementary agreement in September 2015, totalling Rs 60.48 crore.
- Aug 14, 2025,
- Updated Aug 14, 2025 9:46 AM IST
Bollywood actor Shilpa Shetty Kundra and her husband, businessman Raj Kundra, have been charged by the Economic Offences Wing (EOW) of the Mumbai Police. The charges involve allegations of cheating a Mumbai-based businessman, Deepak Kothari, of Rs 60.48 crore through a dubious loan-cum-investment deal linked to their now-defunct company, Best Deal TV Pvt. Ltd. The case, initially filed at Juhu police station, was transferred to the EOW following a detailed inquiry.
According to the First Information Report (FIR), Deepak Kothari, a director at Lotus Capital Financial Services Ltd., claimed that the accused, in collaboration with an intermediary, misled him into parting with the funds between April 2015 and March 2016. Kothari alleged that an individual named Arya introduced him to Shetty and Kundra, who were directors of the home shopping and online retail firm, Best Deal TV Pvt. Ltd. At the time, Shetty reportedly owned 87.61 per cent of the company's shares. The couple allegedly sought a Rs 75 crore loan at a 12 per cent interest rate but later persuaded Kothari to invest instead to avoid higher taxes, promising monthly returns and repayment of the principal.
Kothari contends that he initially transferred Rs 31.95 crore in April 2015 under a share subscription agreement, followed by Rs 28.53 crore under a supplementary agreement in September 2015, totalling Rs 60.48 crore. These funds were allegedly credited to Best Deal TV's HDFC Bank accounts. Despite a personal guarantee from Shilpa Shetty in April 2016, she resigned as a director in September 2016. Kothari later discovered that insolvency proceedings against the company began in 2017 for defaulting on another agreement.
The EOW is scrutinising the money trail and the involvement of each accused in the alleged conspiracy. Kothari reported that repeated attempts to recover his money through Shilpa Shetty, Raj Kundra, or mediator Rajesh Arya were unsuccessful, with delays exacerbated during the COVID-19 pandemic. He concluded that the accused had "dishonestly used" his funds for personal gain.
Best Deal TV, which operated as a home shopping platform, is now defunct, having ceased operations a few years back. The firm was co-founded by Kundra and Shetty, with Shetty being a prominent face of the brand. The EOW's investigation is expected to uncover further details about the operations and financial dealings of the company during its active years.
This development adds to the series of legal challenges Kundra has faced over recent years. His business ventures have been under scrutiny.
Bollywood actor Shilpa Shetty Kundra and her husband, businessman Raj Kundra, have been charged by the Economic Offences Wing (EOW) of the Mumbai Police. The charges involve allegations of cheating a Mumbai-based businessman, Deepak Kothari, of Rs 60.48 crore through a dubious loan-cum-investment deal linked to their now-defunct company, Best Deal TV Pvt. Ltd. The case, initially filed at Juhu police station, was transferred to the EOW following a detailed inquiry.
According to the First Information Report (FIR), Deepak Kothari, a director at Lotus Capital Financial Services Ltd., claimed that the accused, in collaboration with an intermediary, misled him into parting with the funds between April 2015 and March 2016. Kothari alleged that an individual named Arya introduced him to Shetty and Kundra, who were directors of the home shopping and online retail firm, Best Deal TV Pvt. Ltd. At the time, Shetty reportedly owned 87.61 per cent of the company's shares. The couple allegedly sought a Rs 75 crore loan at a 12 per cent interest rate but later persuaded Kothari to invest instead to avoid higher taxes, promising monthly returns and repayment of the principal.
Kothari contends that he initially transferred Rs 31.95 crore in April 2015 under a share subscription agreement, followed by Rs 28.53 crore under a supplementary agreement in September 2015, totalling Rs 60.48 crore. These funds were allegedly credited to Best Deal TV's HDFC Bank accounts. Despite a personal guarantee from Shilpa Shetty in April 2016, she resigned as a director in September 2016. Kothari later discovered that insolvency proceedings against the company began in 2017 for defaulting on another agreement.
The EOW is scrutinising the money trail and the involvement of each accused in the alleged conspiracy. Kothari reported that repeated attempts to recover his money through Shilpa Shetty, Raj Kundra, or mediator Rajesh Arya were unsuccessful, with delays exacerbated during the COVID-19 pandemic. He concluded that the accused had "dishonestly used" his funds for personal gain.
Best Deal TV, which operated as a home shopping platform, is now defunct, having ceased operations a few years back. The firm was co-founded by Kundra and Shetty, with Shetty being a prominent face of the brand. The EOW's investigation is expected to uncover further details about the operations and financial dealings of the company during its active years.
This development adds to the series of legal challenges Kundra has faced over recent years. His business ventures have been under scrutiny.