Bollywood Star Shilpa Shetty and Husband Raj Kundra Face Cheating Charges in Rs 60 Crore Fraud Investigation

Shilpa Shetty and Raj Kundra are facing charges of cheating in a significant fraud case involving Rs 60 crore.

Bollywood actress Shilpa Shetty and her entrepreneur husband Raj Kundra have been formally charged with "cheating" in a Rs 60 crore fraud case. The Mumbai Police's Economic Offences Wing (EOW) has filed a First Information Report (FIR) based on allegations from businessman Deepak Kothari, who claims the couple defrauded him in a loan-cum-investment arrangement.

According to a statement released by the complainant's legal representatives, the EOW discovered sufficient evidence during their investigation to warrant adding the cheating charge. This development is expected to broaden the scope of the investigation into the alleged Rs 60 crore fraud.

The statement also indicated that the complainant intends to petition the Enforcement Directorate to identify, trace, and seize the funds involved in the alleged criminal activity under applicable laws. They will also pursue the attachment of assets in accordance with the Prevention of Money Laundering Act (PMLA) provisions.

The case against Kundra and Shetty, who served as directors of the now-defunct Best Deal TV Private Limited (a home shopping and online retail platform), was registered in Mumbai on August 14. They are accused of deceiving Kothari out of approximately Rs 60 crore in a loan-cum-investment deal.

Kothari alleges that between 2015 and 2023, the couple persuaded him to invest Rs 60 crore in Best Deal TV Private Limited, but the funds were ultimately used for their personal benefit.

During the investigation, Kundra claimed that a portion of the Rs 60 crore was disbursed as fees to actresses Bipasha Basu and Neha Dhupia.

In October, Kundra stated that his company dealt in electrical and household appliances and suffered substantial losses following the demonetization implemented by the Indian government in 2016. He attributed the company's inability to repay borrowed funds to this resulting financial crisis.