Bollywood Under Fire: Raj Kundra and Shilpa Shetty Accused in ₹60 Crore Investment Scam

The Allegations: A Business Deal Gone Wrong

Bollywood Under Fire: Raj Kundra and Shilpa Shetty Accused in ₹60 Crore Investment Scam – Bollywood personalities Raj Kundra and Shilpa Shetty are facing serious legal scrutiny after being accused of defrauding Mumbai-based businessman Deepak Kothari of ₹60.48 crore. The controversy centres around their now-defunct company, Best Deal TV Pvt Ltd, which allegedly misused funds intended for business expansion.

According to the complaint, the couple. alongside an associate, conspired over eight years to divert Kothari’s investment for personal use. The deal began in 2015, when Kothari was introduced to the couple through an agent. At the time, both Kundra and Shetty were directors of the company, with Shetty reportedly holding over 87% of its shares.

The Financial Trail: Loans, Guarantees, and Broken Promises

The financial arrangement was initially framed as a ₹75 crore loan at 12% interest. However, to avoid tax complications, the transaction was restructured as an investment with promises of monthly returns and full repayment. Kothari transferred ₹31.95 crore in April 2015 and another ₹28.54 crore in September 2015 under separate agreements.

In 2016, Shilpa Shetty allegedly gave a personal guarantee to Kothari but resigned as director later that year. Unbeknownst to Kothari, insolvency proceedings worth ₹1.28 crore had already surfaced against Best Deal TV. Despite repeated attempts to recover his money, Kothari claims the couple failed to repay the funds, leading to accusations of a calculated conspiracy.

Legal Developments: Police, EOW, and Denials

The case was initially registered at Juhu Police Station under charges of cheating and forgery. Due to the large sum involved, it was transferred to the Economic Offenses Wing (EOW), which is now investigating the matter.

The couple’s legal team has denied all allegations, calling the case “baseless and malicious.” They argue that the matter is civil in nature and was already adjudicated by the National Company Law Tribunal (NCLT) in October 2024. According to their statement, all necessary documents—including cash flow records and a liquidation order, have been submitted to the authorities.

Adding to the drama, an audio clip allegedly featuring Raj Kundra and Kothari surfaced online, in which Kundra reportedly says, “Karza toh liya nahi tha maine aapne,” implying the funds were not a loan. The authenticity of the clip remains unverified.

Public Reaction and Broader Implications

The case has ignited widespread media attention, not just because of the high-profile names involved, but also due to the scale of the alleged fraud. Kundra has previously faced legal trouble, including a 2021 arrest related to adult content production and a 2024 asset attachment worth ₹98 crore in a cryptocurrency case.

For Shilpa Shetty, whose public image has largely remained untarnished, the accusations could have reputational consequences. The scandal also raises broader questions about celebrity-led business ventures and investor protection in India’s entertainment-linked markets.

As the investigation unfolds, the public awaits clarity on whether this was a case of business failure or deliberate disappointment. Either way, it’s a cautionary tale about trust, transparency, and the risks of mixing fame with finance.

Timeline of Events

• 2015: Businessman Deepak Kothari is introduced to Raj Kundra and Shilpa Shetty via agent Rajesh Arya. Kundra and Shetty, directors of Best Deal TV Pvt Ltd, propose a ₹75 crore loan at 12% interest. To avoid tax complications, they restructure it as an “investment” with monthly returns and full repayment.
• April 2015: Kothari transfers ₹31.95 crore under a share subscription agreement.
• September 2015: An additional ₹28.53 crore is transferred under a supplementary agreement.
• April 2016: Shilpa Shetty allegedly provides a personal guarantee for the investment.
• September 2016: Shetty resigns as director of Best Deal TV.
• 2017: Insolvency proceedings begin against Best Deal TV, unbeknownst to Kothari.
• 2015–2023: Kothari makes repeated attempts to recover his money, claiming the funds were diverted for personal use.
• 2024: The National Company Law Tribunal (NCLT) adjudicates the matter, citing financial distress of the company.
• 2025: FIR registered at Juhu Police Station; case transferred to the Economic Offences Wing (EOW) due to the high monetary value.

Legal Charges Filed

The FIR includes the following sections of the Indian Penal Code (IPC):

IPC Section	Charge Description
403	Dishonest misappropriation of property
406	Criminal breach of trust
420	Cheating and dishonestly inducing delivery of property
34	Acts done by several persons in furtherance of common intention

Additional Notes:

• The EOW is actively tracing the money trail and investigating the roles of all suspects.
• Kundra and Shetty deny wrongdoing, claiming the case is civil, not criminal, and that all documents have been submitted to authorities.

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