Allegations of ₹60 crores in business fraud have been levied against Bollywood actress Shilpa Shetty. And her husband Raj Kundra, an entrepreneur. After an allegation of a ₹60 crore business fraud registered by the Mumbai police’s Economic Offences Wing against the two now proves to be a legal burden for them. The complaint from businessman Deepak Kothari mentions cheating and criminal breach of trust through their erstwhile business concern Best Deal TV Pvt Ltd. Shilpa Shetty, Raj Kundra Face Business Fraud Allegations Worth ₹60 Crore .
According to the FIR, Kothari claims that in 2015 he was approached to invest in Best Deal TV sponsored by celebrities. In which Shetty and Kundra purportedly held a majority stake. While initially framed as a loan proposal, it was modified into a share investment deal to avoid tax liabilities. While assurances were given to Kothari for regular returns and to pay back the principal amount. Kothari claims that in 2015, he transferred over ₹60 crores toward this venture in two installments, supported by agreements and a personal guarantee from Shetty.
Business Fraud Allegations Investigations:
However, the operations of the company collapsed two years later, and insolvency proceedings commenced. Something Kothari claims he was never notified of. For the next two years, he refrained from filing a complaint as he kept following up. With the couple about his repayment, which never came.
Taking into account the massive scale of the alleged fraud and the involvement of other possible parties, the EOW has taken over investigations.
The verdict maintained that if it finds grounds to charge the duo. It would do so under section 420 of the IPC for cheating, while charges of criminal breach of trust. And forgery would be applied under corresponding sections accordingly.
Representatives for Shetty and Kundra denied wrongdoing. Asserting that the dispute is commercial in nature and already under consideration in civil proceedings. The representatives maintained that all required documentation had been provided to the authorities. And that there was no intention to defraud anyone.
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