Bollywood actor Shilpa Shetty and her husband, businessman Raj Kundra, face serious allegations of defrauding Mumbai-based businessman Deepak Kothari of Rs 60.48 crore in a loan-cum-investment scheme tied to their now-defunct company, Best Deal TV Pvt Ltd. The Economic Offences Wing (EOW) of the Mumbai Police is investigating the case, which was initially filed at Juhu Police Station for cheating and forgery.

According to Kothari’s complaint, the scam unfolded between 2015 and 2023. Introduced to Shetty and Kundra through agent Rajesh Arya in 2015, Kothari was approached for a Rs 75 crore loan at 12% annual interest to expand Best Deal TV, an online shopping platform where Shetty held over 87% of shares. To circumvent high taxes, Arya proposed structuring the funds as an investment. After a meeting, Kothari agreed, transferring Rs 31.95 crore in April 2015. A second agreement in September led to an additional Rs 28.54 crore transferred between July 2015 and March 2016, totaling Rs 60.48 crore, plus Rs 3.19 lakh in stamp duty.

Kothari alleges that Shetty provided a personal guarantee in April 2016, but resigned as director of Best Deal TV months later in September. Unbeknownst to him, the company faced an insolvency case for Rs 1.28 crore. Despite repeated demands, Kothari’s money was not returned, leading him to accuse Shetty and Kundra of orchestrating a “well-planned conspiracy” to divert the funds for personal expenses rather than business purposes.

Also Read: Judge Forces Trump to Restore UCLA Funding

The EOW has taken over the investigation due to the substantial amount involved, exceeding Rs 10 crore. Authorities are probing the financial transactions and the couple’s role in the alleged misuse of funds. The case has sent shockwaves through Mumbai’s business and entertainment circles, raising questions about the operations of Best Deal TV and the accountability of high-profile figures.

Also Read: Thane Cafe Fire Causes Mass Evacuation