Shilpa Shetty, husband booked in cheating case

Bollywood diva Shilpa Shetty and her husband, Raj Kundra, have been booked for allegedly cheating a businessman in a loan-cum-investment deal.

As reported by Indian media, actor-entrepreneur Shilpa Shetty and her businessman husband Raj Kundra, along with another unidentified individual, have been charged by the Economic Offences Wing (EOW) of the Mumbai Police for allegedly cheating a businessman of INR60.48 crores, in a loan-cum-investment arrangement tied to their now-defunct company, Best Deal TV Private Limited.

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According to the details, the FIR was initially filed by Deepak Kothari, 60, at the Juhu Police Station, under various sections (34, 403 and 406) related to cheating and forgery of the Indian Penal Code, but was later transferred to the EOW, as the financial sum exceeds INR 10 crores.

The complainant, director of Lotus Capital Financial Services, stated that a common friend, Rajesh Arya, introduced him to the Bollywood star and her husband, who held 87.6% shares in the company at the time.

Kothari alleged that the couple initially demanded the money at a 12% annual interest; however, they later convinced him to transfer it as an investment to avoid higher taxation, and promised him a monthly return and repayment of the principal amount.

The complainant reportedly transferred the money in 2015, before Shetty resigned from the company in the following year. Kothari later discovered insolvency proceedings against the company for cheating another investor.

According to the police, the money was transferred and used for personal purposes.

However, in their response, lawyer Prashant Patil, of Kundras, strongly denied the claims. “My clients deny all the allegations, which are purely civil in nature and have been adjudicated by the NCLT Mumbai on 04/10/2024. There is no criminality involved,” he said.

The EOW is currently conducting a detailed investigation into the financial transactions, agreements, and the alleged misappropriation of funds.

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