A Mumbai-based businessman was defrauded of Rs 60 crore by Bollywood actress Shilpa Shetty and her husband, businessman Raj Kundra. A loan-cum-investment agreement for the now-defunct Best Deal TV Pvt Ltd, owned by the famous couple, is connected to the case. The renowned pair has called the accusations “baseless and malicious” and refuted them.
According to businessman Deepak Kothari, he gave them Rs 60 crore for business expansion between 2015 and 2023, but they used the money for personal needs instead. In 2015, Mr. Kothari stated that he had contacted Shetty-Kundra via an agent named Rajesh Arya. The couple was the directors of Best Deal TV, an internet marketplace at the time, and Ms. Shetty owned more than 87% of the business.
He claimed that Mr. Arya had applied for a loan of Rs 75 crore for the company at an interest rate of 12% per year, but that he had proposed using the money as an “investment” to avoid paying more taxes. Following a meeting, a settlement was reached with the assurance that the funds would be reimbursed on schedule.
In April 2015, Mr. Kothari transferred the first installment, which was around 31.95 crore. A second agreement was made in September, but the tax problem remained. According to the businessman, between July 2015 and March 2016, he transferred an additional Rs 28.54 crore.
In addition to paying Rs 3.19 lakh in stamp duty, he had transferred nearly Rs 60.48 crore for the sale. Mr. Kothari asserted that in April 2016, Ms. Shetty had also provided him with a personal guarantee. However, she left her position as director of the company in September.
Mr. Kothari was unaware of the Rs 1.28 crore insolvency complaint that soon surfaced against the company. He kept asking for his money, but it was ignored.
According to Mr. Kothari’s allegation, the famous couple engaged in a well-thought-out scheme between 2015 and 2023, stealing funds for their use and using them for business.
Since the amount of money involved exceeded Rs 10 crore, the case—which had been initially registered for forgery and cheating at Juhu Police Station—was later transferred to the Economic Offences Wing (EOW). The case is currently being looked into by the EOW.
Through their counsel, Prashant Patil, Ms. Shetty, and Mr. Kundra released a comment refuting the accusations. The pair asserted that there is no criminality involved and that the allegations are civil. “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,” stated the attorney.
