Mumbai EOW Issues Look Out Circulars Against Shilpa Shetty, Raj Kundra in Rs 60.5 Crore Case
Mumbai, 6th September 2025: The Economic Offences Wing (EOW) of Mumbai Police has issued Look Out Circulars (LOCs) against Bollywood actor Shilpa Shetty Kundra and her husband, businessman Raj Kundra, in connection with an alleged cheating case worth ₹60.5 crore.
According to officials, the LOCs were issued after a legal firm representing investor Deepak Kothari urged investigators to restrict the couple’s travel, freeze their assets and bank accounts, and appoint a forensic auditor.
The law firm, YNA Legal, highlighted in its submission that both Shetty and Kundra own multiple residences abroad and frequently travel overseas. “Their history shows a tendency to cite international engagements to delay investigations. If allowed to leave the country, there is a real possibility that they may evade proceedings in the same way as Vijay Mallya and Nirav Modi,” the firm stated in its letter to authorities.
The case traces back to a First Information Report (FIR) filed by Kothari, a 60-year-old Juhu resident and director of Lotus Capital Financial Services Ltd. He alleged that between April 2015 and March 2016, the Kundras, along with an associate identified as Rajesh Arya, persuaded him to invest ₹60.5 crore in Best Deal TV Pvt. Ltd.—a home shopping and e-commerce platform where Shetty reportedly held nearly 88% stake.
Initially, the money was presented as a ₹75 crore loan at 12 percent interest. Later, the deal was reframed as an “investment” through a share subscription agreement, allegedly to avoid taxation. Kothari claimed he was assured of monthly returns as well as repayment of the principal. He transferred ₹31.95 crore in April 2015 and another ₹28.53 crore in September 2015 into the company’s HDFC Bank accounts.
Despite repeated follow-ups, Kothari alleged he received no repayment. He further claimed that the accused cited the Covid-19 pandemic as a reason for delays but eventually failed to honor their commitments. In his complaint, he alleged the couple had “dishonestly misused” his funds for personal gain.
While the FIR accuses Shetty and Kundra of conspiracy and cheating, both have denied wrongdoing. Their legal team is expected to challenge the allegations in court.
