Bollywood actress Shilpa Shetty and her businessman husband Raj Kundra have strongly denied allegations of a ₹60 crore fraud, stating that the case is “baseless and malicious,” and intended solely to tarnish their reputation. The couple’s denial comes in response to a complaint filed by businessman Deepak Kothari, who accused them of cheating and financial misappropriation. An FIR has been registered by the Economic Offences Wing (EOW) of Mumbai Police.

According to Mr. Kothari, director of Lotus Capital Financial Services Ltd., the celebrity couple approached him in 2015 seeking a ₹75 crore loan for their company, Best Deal TV Pvt. Ltd., a shopping television channel. Initially framed as a loan with 12% interest, the agreement allegedly turned into an “investment deal” after the couple assured him of regular returns and full repayment.

Kothari claimed to have transferred ₹31.95 crore in April 2015 and another ₹28.53 crore in September 2015 to Best Deal TV’s bank accounts under separate share subscription agreements. However, he alleges that all attempts to recover the money failed, and accused the couple of using the funds for personal gain.

In response, the couple’s lawyer, Advocate Prashant Patil, released a detailed statement denying all allegations. He stated that the matter is purely civil in nature and has already been adjudicated by the National Company Law Tribunal (NCLT) Mumbai on October 4, 2024. According to the statement, the business had entered financial distress, leading to a legal dispute that resulted in a liquidation order, which has already been submitted to authorities.

The lawyer further clarified that there is no criminal element to the case, and all relevant financial documents, including cash flow statements and audit reports, have been provided to the police multiple times. “This is an old business deal that went through legitimate corporate procedures, and my clients have cooperated fully with the investigation,” the statement read.

Calling the case “nothing but a targeted attempt to damage the image of Shilpa Shetty and Raj Kundra,” the legal team asserted that appropriate legal action will be initiated against those making these claims.

Raj Kundra has previously faced legal scrutiny. In 2021, he was arrested in a case linked to the production and streaming of pornographic films and was later granted bail. In 2023, his premises were searched by the Enforcement Directorate in connection with a money laundering case.

Despite the cloud of controversy, the couple maintains their innocence and continues to assert that the case is devoid of merit and driven by malice.