Businessman and film producer Raj Kundra has publicly rejected allegations of cheating and fraud amounting to approximately Rs 60 crore, involving him and his wife, actor Shilpa Shetty. In an exclusive interview with India Today, Kundra insisted that neither he nor Shetty had committed any wrongdoing and that the truth would eventually emerge.
“We’ve never done anything wrong in life, and we never will,” Kundra said when asked about the accusations.
What the Allegations Are
- The case centres on a lookout circular (LOC) issued by the Mumbai Police against the couple in connection with accusations of diverting nearly Rs 60 crore from Best Deal TV.
- The complainant, Deepak Kothari, a businessman based in Mumbai, alleges that between 2015 and 2023, funds that were meant for business expansion were misused for personal gain by Kundra and Shetty.
- Initially, Kothari claims he was approached for a loan of Rs 75 crore at 12% interest but was persuaded to instead make it an ‘investment’ a move that was apparently designed to reduce taxation. Along with promises of monthly returns and repayment of principal.
- According to the complaint, Kothari transferred Rs 31.95 crore in April 2025 and an additional Rs 28.53 crore in September 2025.
- Shilpa Shetty had resigned as a director of Best Deal TV in September 2016. A year later, insolvency proceedings were reportedly initiated against the company for defaulting.
Legal Steps & FIR
- An FIR (First Information Report) has been lodged under the Bharatiya Nyaya Sanhita (BNS), under sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust) and 34 (acts done by several persons in furtherance of common intention).
- The lookout circular (LOC) issued by Mumbai Police means that both Raj Kundra and Shilpa Shetty are under notice, and their movement may be monitored to prevent evasion of legal process.
Kundra’s Response and Its Implications
- Kundra, speaking while in Delhi promoting his Punjabi film Mehar, acknowledged that public controversies have been a recurring aspect of his life but reiterated confidence in being cleared.
- He said he and his wife had not made detailed statements yet, preferring instead to wait and allow the legal and investigative process to unfold.
Stakes & Wider Context
- The nature of the allegations, the diversion of sizable business expansion funds, the changing of the instrument of funding (loan to investment), and the assurance of returns have serious legal, financial, and reputation implications for Kundra and Shetty.
- The case joins other allegations made this year. Raj Kundra and Shilpa Shetty have faced previous complaints related to investor fraud. For example, Prithviraj Kothari, the managing director of Riddhi Siddhi Bullions, has reportedly accused them of cheating an investor in a gold scheme.
What Happens Next
- Investigators will look into transactions, corporate documents, board decisions, and financial records of Best Deal TV, especially during the claimed period of misuse.
- If the allegations are proven, legal consequences could include civil liabilities, criminal charges under the sections invoked, and possible penalties or restitution.
- Kundra’s invocation of “truth will come out eventually” signals anticipation of such investigations. The burden will likely be on the complainant to provide credible evidence, and on the defence to refute or present alternate explanations.
Final Take
The Rs 60-crore cheating case is the latest in a string of legal troubles for Raj Kundra and Shilpa Shetty. While allegations are serious and detailed, Kundra’s public stance remains one of denial, emphasizing his belief in innocence and the expectation that proper investigations will vindicate him and his wife. As the legal process unfolds, attention will focus on documentary evidence, corporate disclosures, and financial records to determine whether the claims hold up in court.
By – Sonali