The Mumbai Police have initiated the process to issue a lookout circular (LoC) against Bollywood actress Shilpa Shetty and her husband, businessman Raj Kundra, in connection with an alleged ₹60 crore cheating case. The move comes due to the couple’s frequent international trips, which authorities say necessitates the LoC to ensure a smooth investigation.
The Economic Offences Wing (EOW) of the Mumbai Police filed a case against Shetty, Kundra, and an unidentified person on August 14, 2025, following a complaint by Juhu-based businessman Deepak Kothari, director of Lotus Capital Financial Services Ltd. Kothari alleges that between 2015 and 2023, he transferred ₹60.48 crore to the couple’s now-defunct company, Best Deal TV Pvt Ltd., as an investment for business expansion. The funds were paid in two instalments, ₹31.95 crore in April 2015 and ₹28.53 crore in September 2015, under share subscription and supplementary agreements.
According to the complaint, Kothari was promised monthly returns and repayment of the principal amount. However, he claims the couple misused the funds for personal expenses. Shetty resigned as a director of Best Deal TV in September 2016, and insolvency proceedings were initiated against the company in 2017 for defaulting on another agreement. Kothari’s repeated attempts to recover his money were unsuccessful, leading to the filing of the First Information Report (FIR) under sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention) of the Indian Penal Code (IPC).
Shetty and Kundra have denied the allegations, calling them “baseless and malicious.” Their lawyer, Prashant Patil, stated that the matter is civil in nature and has been adjudicated by the National Company Law Tribunal (NCLT) Mumbai on October 4, 2024. The couple claims the accusations are an attempt to tarnish their reputation and that the company received a liquidation order, which was presented to the police.
The EOW is currently investigating the financial transactions and the money trail to determine the role of each accused in the alleged fraud. The lookout circular aims to prevent the couple from leaving the country during the ongoing probe.
