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The Economic Offences Wing has summoned businessman Raj Kundra, husband of actor Shilpa Shetty, in a Rs 60.48 crore investment fraud case.
A file photo of Raj Kundra (PTI)
The Economic Offences Wing on Tuesday summoned businessman and actor Shilpa Shetty’s husband, Raj Kundra, in connection with a Rs 60.48 crore investment fraud case.
According to the details, Kundra has been asked to appear for questioning in the case on September 15.
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On September 5, the Mumbai police had issued a Lookout Circular (LOC) against Shilpa Shetty and Raj Kundra, as the couple makes frequent international trips.
A Lookout Circular is a mechanism used to prevent a person from leaving the country or to track their movements, typically by issuing an alert to immigration and border control points.
THE INVESTMENT FRAUD CASE AGAINST RAJ KUNDRA
The case was registered against the actor and her husband at Juhu police station on August 14 for allegedly duping a businessman of nearly Rs 60 crore in a loan-cum-investment deal.
The case was later transferred to the EOW for investigation.
Sixty-year-old businessman Deepak Kothari, a resident of Juhu, had lodged a complaint in this connection.
Kothari was identified as the director of a non-banking financial company (NBFC) named Lotus Capital Finance Services.
According to the complainant, he came in contact with Kundra and his actor wife through one Rajesh Arya.
Kundra and Shetty were directors of Best Deal TV Private Limited, a home shopping and online retail platform. Through Arya, they sought a loan of Rs 75 crore, but to avoid higher taxation, they showed it as an investment.
They also promised monthly returns and repayment of the principal amount.
As per an FIR in the case, the complainant claimed that he transferred Rs 31.9 crore in April 2015 under a share subscription agreement, followed by another Rs 28.53 crore under a supplementary agreement in September 2015.
Despite providing a personal guarantee in April 2016, Shetty resigned as the director of the company in September that year.
Kothari later found that insolvency proceedings were on against the company in 2017 for defaulting on another agreement.
In his complaint, Kothari alleged that he provided a loan for business, but the money was allegedly diverted for personal use by the accused persons.
Accordingly, Kothari approached the Mumbai Police with a complaint against the actor, her husband and other unknown persons, based on which a case was registered.
A statement was then issued by Shetty and Kundra’s lawyer in connection with the case, which states that his clients deny all the allegations that are purely civil in nature and have been adjudicated by the National Company Law Tribunal (NCLT) Mumbai on October 4, 2024.
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About the Author
Vani Mehrotra is the Deputy News Editor at News18.com. She has nearly 10 years of experience in both national and international news and has previously worked on multiple desks.
Vani Mehrotra is the Deputy News Editor at News18.com. She has nearly 10 years of experience in both national and international news and has previously worked on multiple desks.
September 09, 2025, 09:34 IST
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