Lookout Notice issued against Shilpa Shetty & Raj Kundra in ₹60 crore fraud case
Shilpa Shetty And Raj Kundra In Legal Trouble: Lookout Notice In Rs 60 Crore Fraud Case: Mumbai Police has issued a Lookout Circular (LOC) against actress Shilpa Shetty and her husband Raj Kundra in a ₹60.48 crore fraud case. The move aims to prevent them from leaving the country amid an ongoing investigation by the Economic Offenses Wing (EOW). Businessman Deepak Kothari has accused the couple and their company, Best Deal TV Pvt Ltd, of duping him under a loan-cum-investment scheme in 2015. He claims the funds were misused for personal benefit. A case has been registered under IPC Sections 403, 406, and 34. Shilpa and Raj have denied the allegations, calling them baseless, and said the dispute is civil in nature, related to a failed business investment now under NCLT proceedings. Let us tell you, on one hand, this matter has come to light, on the other hand, he has announced the closure of his restaurant, and meanwhile, Raj Kundra is busy promoting his upcoming film.
What is the matter?
The Economic Offenses Wing (EOW) of Mumbai Police had registered a case against Shilpa, Raj, and an unknown person on August 14. The complainant, 60-year-old businessman Deepak Kothari, has alleged that he was duped under a loan-cum-investment scheme, causing him to lose over Rs 60 crore. Kothari, who is the director of Lotus Capital Financial Services Ltd, claims that he met Raj Kundra through a common friend. After this, the couple’s company, Best Deal TV Pvt Ltd, offered him an investment and assured monthly returns and principal refund.
Serious sections have been registered
According to the complaint, Kothari transferred the amount in two installments in the year 2015, ₹31.95 crore in April and ₹28.53 crore in September. The entire amount went to the bank account of Best Deal TV. But in 2016, Shilpa Shetty resigned from the company. Kothari later found out that the company was already facing bankruptcy proceedings due to allegations of fraud with another investor. Kothari alleged that he tried to get the money back several times, but there was no success. He says that the investment made in the company was actually for the personal use of Shilpa and Raj. Police have registered a case against the couple under several sections of the Indian Penal Code (IPC). Sections 403- dishonest misappropriation of property, Section 406- criminal breach of trust and Section 34- common criminal intention are included.
Shilpa and Raj Kundra’s side
Shilpa Shetty and Raj Kundra have categorically denied these allegations. Their lawyer Prashant Patil issued an official statement calling it baseless and malicious. According to Patil, the matter is related to old financial transactions, and the company later fell victim to financial crisis and got entangled in legal proceedings in NCLT (National Company Law Tribunal). He claimed that it was an equity investment deal and not a criminal fraud. The statement further said that the company has already received a liquidation order* and all documents, cash flow statements, and audit reports in this regard have been submitted to the Economic Offenses Wing from time to time.
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