Mumbai (India) – Bollywood actress Shilpa Shetty, Raj Kundra, and a third individual are accused of fraud after the Economic Offences Wing of the Mumbai Police registered an official case last week. Deepak Kothari is a 60-year-old businessman who runs Lotus Capital Financial Services. He filed a formal complaint last week over an alleged scam involving Rs60.48 billion in the form of a loan/investment linked to Best Deal TV Private Limited.
Kothari filed an FIR stating that he had been introduced to Raj Kundra by a mutual friend. Shilpa Shetty and Raj Kundra then offered Kothari an opportunity to invest. They collectively held 87.6% of shares in Best Deal TV Private Limited. According to reports, the couple claimed his money would be used for expanding their company’s operations in retail and online shopping. The couple promised both a return of 3% per month on their investment and a full repayment of principal.
Kothari sent the money in 2015 after he trusted the couple’s assurances. Shilpa Shetty left the company, but insolvency proceedings against Best Deal TV were launched in 2016 for allegedly defrauding an investor. Kothari claimed he had been misled and left unaware throughout the transactions, which led him to file a lawsuit after years of delays and losses.
According to the Economic Offences Wing, a preliminary investigation has revealed that a case for cheating and fraudulent activity was registered in Juhu Police Station by Shilpa Shetty, Raj Kundra, and an unidentified third individual.
The investigation will likely focus on discrepancies between Best Deal TV and its financial operations, as well as the misappropriation of investment funds. The case is expected to progress.
