Mumbai (Maharashtra) [India], September 5 : A Lookout Circular (LOC) has been issued against Bollywood actor Shilpa Shetty and her businessman husband, Raj Kundra, by Mumbai Police in an alleged Rs 60 crore cheating case.
A case has been registered against Shilpa Shetty and Raj Kundra for allegedly cheating a businessman of Rs 60 crore. The Economic Offences Wing (EOW) of Mumbai Police, which is probing the case, has issued the LOC.
The complainant's lawyers, Dr. Yusuf Iqbal and Adv. Zain Shroff of YNA Legal, had earlier demanded that a lookout circular be issued in the case.
In August, a case was filed against Shilpa Shetty, her husband Raj Kundra, and another person for allegedly cheating a businessman of over Rs 60 crore.
The complaint, filed by businessman Deepak Kothari, director of Lotus Capital Financial Services Ltd, claims the incidents took place between 2015 and 2023. Kothari alleged that the couple took the money under the pretext of expanding their business but used it for personal expenses instead.
According to Kothari, in 2015, Shetty and Kundra approached him through a mediator seeking a Rs 75 crore loan for their company, Best Deal TV Pvt Ltd, which promoted lifestyle products and ran an online shopping platform. The proposed interest rate was 12 per cent.
Later, they reportedly asked him to provide the funds as an "investment" instead of a loan, assuring him of monthly returns and repayment of principal.
Kothari claimed he transferred Rs 31.95 crore in April 2015 under a share subscription agreement, and another Rs 28.53 crore in September 2015 under a supplementary agreement. The total amount was credited to Best Deal TV's bank accounts.
Repeated attempts to recover the funds allegedly failed, and Kothari accused the couple of "dishonestly using" the money for personal benefit.
Shilpa and Raj's lawyer Prashant Patil has denied the allegations and said they will present "our truth" before investigating agencies.
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