Businessman Raj Kundra, husband of Bollywood actor Shilpa Shetty, has been summoned by the Economic Offences Wing (EOW) of Mumbai Police in connection with an alleged ₹60.48 crore investment fraud. Kundra, who was directed to appear before investigators on September 10, has been granted a short extension and will now present himself on September 15. According to Mint, authorities have also issued a Look-Out Circular (LOC) against Kundra and Shetty, restricting their international travel during the ongoing probe.
The case is based on a complaint filed by Deepak Kothari, a 60-year-old businessman and director of Lotus Capital Financial Services. Kothari has alleged that between 2015 and 2023, he invested over ₹60 crore in Best Deal TV Private Limited, a home-shopping and online retail venture promoted by Raj Kundra and Shilpa Shetty. According to his claims, the funds were meant for business growth but were instead diverted for personal use. He has further alleged that despite repeated assurances, his money was never returned.
Following the registration of the FIR at Juhu Police Station, the case was transferred to the EOW. Investigators issued summons to Raj Kundra and extended the notice to the company’s auditor as well, who had been involved in insolvency proceedings before the National Company Law Tribunal (NCLT). The LOC was issued to ensure both Kundra and Shetty remain available for questioning while the investigation progresses.
The timeline of the case goes back nearly a decade. In 2015 and 2016, Kothari is said to have transferred two tranches of money – ₹31.95 crore and ₹28.53 crore – under separate agreements. In April 2016, Shilpa Shetty reportedly gave a personal guarantee to secure the investments, but by September that year, she had resigned from her directorial position in Best Deal TV. From 2017 onwards, insolvency proceedings against the company further complicated recovery efforts. In August 2025, an FIR was formally registered under sections of the Indian Penal Code dealing with dishonest misappropriation and criminal breach of trust, prompting the EOW to step in.
Raj Kundra and Shilpa Shetty’s legal team has strongly refuted the allegations. Their lawyer has argued that the case is civil in nature and was already adjudicated by the NCLT in October 2024. They claim that all transactions were properly documented, audited, and accounted for, and that detailed financial records have already been submitted to the authorities. The couple has maintained that no funds were misused and that the charges are baseless.
Even as Kundra battles the case, Shilpa Shetty has been in the headlines for business reasons of her own. She recently announced the closure of her popular Bandra restaurant Bastian, describing it as “the end of an era.” While speculation linked the closure to financial pressure, Shetty clarified that the move was part of a broader restructuring strategy. The brand will now shift to Juhu, while a new South Indian restaurant is planned at the Bandra location.
The high-profile case has captured public attention, given the celebrity status of those involved and the large sums of money in question. The EOW is expected to scrutinize the flow of investments, the company’s business dealings, and whether investors were deliberately misled. With Kundra’s appearance now scheduled for September 15, the coming week will be crucial in determining the direction of the probe.
Observers say the case could set an important precedent on accountability in celebrity-backed ventures. For Raj Kundra and Shilpa Shetty, the immediate focus remains on complying with investigative procedures while protecting their business and public reputation. The EOW’s next steps – whether it presses charges or calls for further interrogation – will decide how the case unfolds in the weeks ahead.
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