Mumbai: Mumbai Police’s Economic Offences Wing (EOW) has issued a Look Out Circular (LOC) against actress Shilpa Shetty and her husband, businessman Raj Kundra, in connection with an alleged Rs 60-crore fraud case.
Officials said the move follows a review of the couple’s travel history, with investigators also tracing the money trail linked to the case. The auditor involved in the company’s accounts has been summoned for questioning.
Businessman Deepak Kothari lodged the complaint, alleging that Shilpa and Raj conspired to cheat him of over Rs 60 crore. He claimed the funds, given between 2015 and 2023 in the name of business expansion, were diverted for personal expenses.
According to the complaint, Kothari met Rajesh Arya in 2015, who claimed to be associated with the couple’s company, Best Deal TV Pvt. Ltd. Arya allegedly sought a loan of Rs 75 crore at 12 per cent annual interest. What began as a loan was later converted into an ‘investment’.
Kothari transferred Rs 31.95 crore in April 2015, followed by another Rs 28.54 crore between July 2015 and March 2016. In total, he paid Rs 60.48 crore, along with Rs 3.19 lakh as stamp duty.
Shilpa Shetty allegedly provided a personal guarantee in April 2016 but resigned as director of the company in September the same year. Soon after, Kothari learnt that the firm was already facing insolvency proceedings over dues of Rs 1.28 crore, information he said was concealed from him.
When he sought repayment, the accused allegedly avoided him. Kothari has since alleged that Shilpa, Raj and their associates orchestrated a well-planned conspiracy.
The EOW has registered an FIR under IPC sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust) and 34 (acts done by several persons in furtherance of common intention).