Mumbai Police have issued Lookout Circulars (LOCs) for Shilpa Shetty and her husband Raj Kundra in connection with a ₹60 crore cheating case, signaling serious intent to prevent their departure from India amid an ongoing investigation.
What’s the Allegation?
The Economic Offences Wing registered a fraud case against the couple in August, alleging that they cheated Mumbai-based businessman Deepak Kothari in a loan-cum-investment deal through their now-defunct venture, Best Deal TV Private Limited.
Kothari claims he extended two tranches approximately ₹31.9 crore in April 2015 and ₹28.53 crore in September believing them to be investments with guaranteed monthly returns. Instead, he alleges that the funds were siphoned off for personal gain.
Why the Lookout Circular?
Authorities explained that the LOC was necessary due to the couple’s frequent international travel, which could hinder the investigation. The LOC alerts immigration and border control authorities to detain them if they attempt to leave the country.
Legal experts note that issuing lookout notices in a financial fraud case suggests investigators may soon file more formal charges. The couple’s legal team may challenge the LOC depending on how it impacts their personal and professional commitments.
Denials and Defense Strategy
Shilpa Shetty and Raj Kundra have denied all allegations, calling them “baseless.” Their lawyers assert this transaction was an old business arrangement with no criminal intent. The couple has pledged full cooperation with the investigating authorities.
Cheating Allegations: What We Know
- FIR registered at Juhu Police Station under IPC Sections 403 (dishonest misappropriation), 406 (criminal breach of trust), and 34 (common intention). India TodayHindustan Times
- Kothari alleges that after Shilpa resigned as director in September 2016, Best Deal TV became insolvent and unresponsive to repayment requests. India Today
- The EOW is now probing financial records, statements, and third-party accounts to establish the movement and usage of the funds.
Why This Matters
This is one of the highest-profile financial fraud cases involving Bollywood celebrities in recent memory. It puts all eyes on how quickly the judicial process can follow through on high-stakes financial allegations.
For public figures like Shetty and Kundra, the implications go beyond legal risk. Such controversies can significantly affect their business interests, brand endorsements, and media presence.
Next Steps in the Investigation
The Mumbai Police plan to summon both parties for questioning soon. Depending on findings, authorities may file additional charges or expand the probe to include auditors or other intermediaries.
Supporters of the couple have called for calm and await verification of all documents before drawing conclusions.
Call-to-Action for Readers
Stay tuned as the case unfolds. Watch for official court filings, statements from the couple’s legal team, and Mumbai Police updates.
For context on legal procedures: visit the Ministry of Law and Justice and monitor reports from the Economic Offences Wing (EOW).
Summary Table
| Detail | Description |
|---|---|
| Who | Shilpa Shetty and husband Raj Kundra |
| What | Lookout Circular issued in ₹60 crore cheating case |
| Allegations | Fraud via loan-cum-investment scheme tied to Best Deal TV Pvt. Ltd. |
| Legal Classification | FIR filed under IPC Sections 403, 406, 34 |
| Investigation Status | Ongoing EOW probe. LOC issued to prevent exit; summons expected shortly |
| Couple’s Stance | Deny wrongdoing; call it an old transaction with no criminal intent |
