Lookout Notice Issued Against Shilpa Shetty And Raj Kundra In 60 Cr Fraud Case
Updated on: 05 September, 2025 06:15 PM IST |Shweta Shah
Mumbai Police issues Lookout Notice against Shilpa Shetty and Raj Kundra
Shilpa Shetty and Raj Kundra seem to be trouble and controversy`s favourite children. In yet again another piece of shocking news, the Mumbai Police has issued a Lookout Circular (LOC) against the celebrity couple in connection to a 60 crore fraud case. The officials confirmed the news on Friday and said that the notice is linked to a deal involving a now-defunct firm, Best Deal TV Pvt. Ltd.
The Economics Offences Wing (EOW) of the state police issued the circular in lieu of the couple frequently travelling out of India.
The case against Shetty and Kundra was registered at the Juhu police station on August 14, alleging they defrauded a businessman of 60 crore in a loan-cum-investment arrangement.
A Mumbai-based businessman, Deepak Kothari, has accused Shilpa Shetty and Raj Kundra of diverting funds meant for business for personal use. This happened between 2015 and 2023.
Also Read: Shocking! When Poonam Pandey Accused Raj Kundra of Fraud
Kothari, the owner of Lotus Capital Financial Services, claimed that he was introduced to the couple by Rajesh Arya. Back in the day, the couple dominated 87.6 per cent of Best Deal TV`s shares.
According to the businessman, the couple first sought a loan for 75 crore at 12 per cent interest; however, they later persuaded him to convert the loan as an `investment` to reduce the taxation liability. They even promised monthly returns and principal repayment. Relying on what felt genuine, Deepak claims he first transferred Rs 31.95 crore in April 2015.
Later, under a share subscription agreement, he transferred another Rs 28.53 crore in September 2015 through his HDFC Bank accounts. However, the Dhadkan actress resigned as the director of the firm in September 2016.
By 2017, the firm declared itself insolvent, and the proceedings for insolvency were initiated for defaulting on another agreement.
After alleged repeated attempts to recover the money through Rajesh Arya failed, Deepak Kothari filed a formal complaint. Mumbai Police has registered an FIR against the couple under Bharatiya Nyay Sanhita (BNS) sections 403, 406, and 34.
However, this is not the first time Shilpa Shetty and Raj Kundra have found themselves in legal woes. Earlier this year, the founder of Riddhi Siddhi Bullions, Prithviraj Kothari, accused the couple of defrauding an investor in a gold scheme.
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