Mumbai Police issues lookout notice against Shilpa Shetty & Raj Kundra in the 60 crore fraud case

Mumbai Police Issues Look Out Circular Against Actress Shilpa Shetty and Husband Raj Kundra in ₹60 Crore Fraud Case

Mumbai, September 5 — The Mumbai Police’s Economic Offences Wing (EOW) has taken a big step in a high-profile fraud case involving actress Shilpa Shetty and her businessman husband Raj Kundra. A Look Out Circular (LOC) has been issued against the couple as they are accused of cheating a businessman out of more than ₹60 crore.

The police are actively investigating the case, including reviewing the couple’s travel records. They are also trying to track the money flow to understand how the alleged fraud happened. An audit of the involved company is underway, and authorities have summoned the auditor for questioning.

What’s the Allegation?
Businessman Deepak Kothari claims that Shilpa Shetty and Raj Kundra conspired to cheat him of ₹60 crore. He says that between 2015 and 2023, he invested money in what was supposed to be a business expansion, but instead, the funds were allegedly used for personal expenses.

The trouble started in 2015 when Kothari met an agent named Rajesh Arya. Arya claimed he had connections with Shilpa and Raj’s company, Best Deal TV Pvt. Ltd. Arya then asked Kothari for a loan of ₹75 crore with a 12% interest rate.

Initially, Kothari thought it was just a loan, but he was later told it was an investment. He transferred around ₹32 crore in April 2015 as part of this deal. Over the next year, more payments were made — about ₹28.5 crore — totaling nearly ₹60.5 crore.

The Promises and the Betrayal
In April 2016, Shilpa Shetty allegedly gave a personal guarantee for the investment. But in September 2016, she resigned from her director position at the company. Soon after, Kothari found out that the company owed ₹1.28 crore in insolvency cases — a fact he was not informed about.

When Kothari asked for his money back, he says the couple and their associates started avoiding him. He believes there was a well-planned conspiracy to cheat him.

Legal Action and FIR
Based on these allegations, Mumbai Police has filed an FIR under sections 403, 406, and 34 of the Indian Penal Code, which deal with criminal breach of trust, dishonesty, and conspiracies.

This case continues to unfold as authorities work to gather more evidence and trace the flow of money. The issuing of the Look Out Circular means that if Shilpa Shetty or Raj Kundra try to leave the country, they will be stopped at airports.

Stay tuned for updates on this high-profile case involving Bollywood actress Shilpa Shetty and her husband Raj Kundra.