A case has been filed against Raj Kundra and Shilpa Shetty for allegedly duping Mumbai businessman Deepak Kothari of nearly ₹60 crore in a loan-cum-investment deal. The deal was linked to their now-defunct platform, Best Deal TV, where the couple served as directors.
Kothari informed probe agencies that he couldn’t recover the loan after demonetisation in 2016. He claimed that between 2015 and 2023, the couple used the money meant for business growth for personal expenses. The funds were transferred under a share subscription agreement and a supplementary agreement.
The Economic Offences Wing (EOW) of Mumbai Police is investigating the matter. Kothari alleged that the couple promised monthly returns and repayment but failed to honour it. Shilpa Shetty later stepped down as director after insolvency proceedings were initiated against the company.
Amid the probe, the Bombay High Court denied the couple’s plea to quash the Look Out Circular (LOC) and barred foreign travel unless they deposit ₹60 crore. The court has adjourned the matter until October 14.
