Lookout notice issued against Shilpa Shetty, husband in fraud case

In a fresh trouble for the couple, Bollywood diva Shilpa Shetty and her husband, Raj Kundra, have now been issued a Look Out Circular (LOC) against them, preventing them from leaving India.

Actor-entrepreneur Shilpa Shetty and her businessman husband Raj Kundra, who are currently embroiled in an INR60 crore investment fraud case, have been issued an LOC against them to ensure that the couple cannot travel abroad without an official clearance until the investigation progresses, reported Indian media.

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Moreover, the Economic Offences Wing (EOW) of the Mumbai Police has also summoned Kundra once again to question him in the fraud probe.

Notably, Kundra and Shetty were charged by the EOW last month for allegedly cheating businessman Deepak Kothari of INR60.48 crores in a loan-cum-investment arrangement tied to their now-defunct company.

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Kothari, director of Lotus Capital Financial Services, filed the complaint under IPC Sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention), and claimed 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, who reportedly transferred the money in 2015, before Shetty resigned from the company, discovered insolvency proceedings against the company for cheating another investor.

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