Businessman Raj Kundra, husband of Bollywood star Shilpa Shetty, received a summons from Mumbai’s Economic Offences Wing over claims of a Rs 60.48 crore investment scam. The hearing, first set for September 10, 2025, now moves to September 15, with a lookout notice in place to stop the couple from leaving India.
Case Background and Key Players
The trouble started when Deepak Kothari, a Mumbai businessman running Lotus Capital Financial Services, filed a complaint last month. He accused Kundra and Shetty of cheating him out of millions through a shady loan turned investment deal.
Kothari met Kundra through a shared contact back in 2015. At that time, Kundra and Shetty owned most shares in Best Deal TV, a shopping channel that sold products online and on TV. Kundra asked for a Rs 75 crore loan with 12 percent interest, but later convinced Kothari to call it an investment for bigger profits and tax perks.
Over the years, Kothari sent the money in chunks. By 2023, he realized things were off when the company hit insolvency issues from another investor’s fraud claims. Shetty stepped down as director in 2016, and Kundra kept delaying repayments, blaming the pandemic.
Details of the Alleged Fraud
Investigators say the funds went to personal uses instead of business growth. The complaint points to misuse between 2015 and 2023, leading to big losses for Kothari.
Here are the main claims in bullet points:
- Kothari provided Rs 60.48 crore in total, expecting returns or repayment.
- The money was supposed to boost Best Deal TV, but it allegedly funded private expenses.
- Delays in repayment started after company troubles, with excuses tied to economic slowdowns.
- No proper records or agreements backed up the investment promises.
Police registered an FIR on August 13, 2025, at Juhu station. It charges Kundra, Shetty, and an unnamed partner under Indian Penal Code sections for dishonest acts, breach of trust, and shared intent.
Legal Steps and Recent Updates
The Economic Offences Wing took over after early checks showed misuse of funds. They issued summons to Kundra, but he asked for more time, pushing the date to September 15.
A lookout circular now blocks Kundra and Shetty from international travel. This step ensures they stay for questioning in India. Officials also called the company’s auditor for details on financial dealings.
| Key Timeline Events | Date | Description |
|---|---|---|
| Initial Loan Request | 2015 | Kundra approaches Kothari for Rs 75 crore. |
| Funds Transferred | 2015-2023 | Money sent in parts, treated as investment. |
| Shetty Resigns | 2016 | Leaves director role in Best Deal TV. |
| Insolvency Issues | Post-2016 | Company faces claims from other investors. |
| FIR Filed | August 13, 2025 | Complaint leads to police case. |
| Summons Issued | September 2025 | Kundra called for questioning, delayed to 15th. |
| Lookout Notice | September 2025 | Issued against couple to prevent exit. |
This table shows how the case built over time, highlighting delays and key turns.
Authorities plan to dig deeper into bank records and company books. The probe might expand if more victims come forward.
Past Troubles for Raj Kundra
Kundra has faced heat before. In 2021, police arrested him for links to adult content apps, though he got bail later. Then in 2024, enforcement officials seized assets worth nearly Rs 98 crore in a Bitcoin scam probe, including properties tied to Shetty.
These old cases paint a picture of repeated financial scrutiny. The current fraud claim adds to questions about his business practices. Experts say such patterns could lead to stricter penalties if proven.
Public views split, with some seeing it as targeted action, while others demand fair probes into celeb dealings.
Reactions from Public and Industry
News of the summons spread fast on social media and forums. Fans of Shetty expressed shock, while business watchers debated ethics in celeb investments.
Posts online highlight worries about trust in star-backed ventures. One trending discussion compared this to other Bollywood money scandals, like those involving actors in endorsement flops.
Industry insiders note that such cases hurt reputations. Shetty, known for fitness and films, has stayed quiet, but friends like filmmaker Farah Khan visited their home recently, showing support without judging.
What Comes Next in the Investigation
The September 15 appearance could bring more details or charges. If evidence stacks up, arrests or asset freezes might follow.
For now, the couple must cooperate. Legal experts advise quick settlements to avoid court battles, but the lookout notice signals serious intent from police.
This case reminds investors to check deals carefully, especially with high-profile names. It also spotlights oversight in entertainment-business crossovers.
Share your thoughts on this developing story in the comments below, and pass it along to friends interested in Bollywood news or financial scams.
