Bollywood actress Shilpa Shetty and her businessman husband Raj Kundra are once again in legal trouble. The Economic Offences Wing (EOW) has registered a case against the couple and another unidentified person for allegedly cheating a Mumbai businessman of ₹60.4 crore. The case is linked to a loan-cum-investment deal involving their now-defunct company, Best Deal TV Private Limited.

Complaint Filed by Mumbai Businessman

The complaint was initially registered at Juhu Police Station under sections of cheating and forgery in the Indian Penal Code (IPC). Since the alleged amount involved exceeded ₹10 crore, the matter was transferred to the EOW for detailed investigation.

The complaint was lodged by 60-year-old Deepak Kothari, a resident of Juhu and director of NBFC Lotus Capital Financial Services. Kothari approached the police after a preliminary inquiry into his allegations indicated financial fraud.

Introduction to the Deal

Kothari claimed that a man named Rajesh Arya introduced him to Raj Kundra and Shilpa Shetty. At the time, the couple were directors of Best Deal TV Private Limited, a home shopping and online retail platform.

According to the complaint, Kundra and Shetty collectively held 87.6% of the company’s shares. They allegedly sought a loan of ₹75 crore at 12% interest. However, they later persuaded Kothari to invest the amount instead of giving it as a loan, reportedly to avoid higher taxation.

They also assured him of monthly returns along with repayment of the principal investment.

Funds Transferred Under Agreements

Kothari alleged that in April 2015, under a share subscription agreement, he transferred ₹31.9 crore to the company. In September 2015, under a supplementary agreement, he transferred another ₹28.53 crore.

Despite providing a personal guarantee in April 2016, Shetty resigned from her post as company director in September 2016. Kothari later discovered that by 2017, the company was undergoing insolvency proceedings due to a default on another agreement.

EOW Investigation Underway

The EOW is now probing all financial transactions related to Best Deal TV Private Limited and the role of each accused. Investigators will examine bank statements, company records, and contractual agreements to verify the allegations.

Officials have also confirmed that statements from all parties involved will be recorded as part of the investigation. The focus will be on determining whether the investment was diverted or misused, and if there was deliberate intent to cheat the complainant.

Company Background and Closure

Best Deal TV Private Limited was launched as a celebrity-backed home shopping and online retail platform. However, the business faced financial difficulties and eventually shut down operations. The closure left multiple creditors, including the complainant, seeking legal recourse for unpaid dues.

Legal Challenges for the Couple

Shilpa Shetty and Raj Kundra have faced legal scrutiny in the past for various business dealings. This new case adds to their legal troubles and could lead to prolonged court proceedings if the charges are substantiated.

The couple have not yet issued an official statement regarding the EOW’s FIR. Their legal team is expected to respond once they receive formal notice of the investigation.

What Happens Next

The EOW will continue gathering evidence and may file a chargesheet if sufficient proof is found. If convicted under the charges of cheating and forgery, the accused could face severe legal penalties, including imprisonment and fines.