The Mumbai Police has issued a lookout circular against Shilpa Shetty and Raj Kundra in connection with a Rs 60 crore cheating case. A case was registered against the actor and her businessman husband last month for duping a man of nearly Rs 60 crore in a loan-cum-investment deal. Officials said the LoC was necessitated by their frequent international trips — to ensure that the investigation progressed smoothly.
A Lookout Circular is a mechanism used to prevent a person from leaving the country or to track their movements. It is typically by issuing an alert to immigration and border control points. The cheating case was registered against the couple on August 14 and involves a sum of Rs 60.48 crore. Businessman Deepak Kothari said he and his company had made repeated attempts to recover the money before filing the complaint. He alleges that the duo cited pandemic-related delays but used the funds for personal benefits.
What are the allegations?
The complaint was filed on August 14 by a director of Lotus Capital Financial Services Limited — a non-banking financial company that provides loans. Kothari alleged in his FIR that a loan agent with his firm had personally vouched for the Kundras and indicated that they wanted to take a business loan. A meeting was subsequently held in Juhu with all involved parties.
According to the FIR details, Raj Kundra and Shilpa Shetty had claimed to be directors of the now-defunct Best Deal TV platform. Shetty had reportedly held 87.61% of the company’s shares at the time. The complainant had agreed to give them both a loan of Rs 75 crore at 12% interest. The FIR said the couple had persuaded Kothari to route the funds as an ‘investment’ to avoid higher taxation. They also assured him of monthly returns and repayment of the principal amount.
Kothari had agreed to this deal and transferred Rs 31.95 under a share subscription agreement in April 2025. This was followed by another 28.53 crore under a supplementary agreement in September 2015. The amount was allegedly credited to the bank accounts of Best Deal TV while Shetty and Kundra paid stamp duty of Rs 3.19 lakh.
Despite these personal guarantees the complainant received an email from Shila Shetty to say that she had resigned as director in September 2016. Kothari contends that he was not given a satisfactory explanation and subsequently avoided. He later discovered that insolvency proceedings had been initiated against the company in 2017 for defaulting on another agreement.
Shilpa Shetty, Raj Kundra deny claims
Lawyers for the couple had denied the allegations after the FIR was filed last month.
“This transaction is quite old, 7-8 years old. If someone feels that they have been wronged, cheated, they would not wait 8-10 years to complain. There is documentary evidence for everything…If someone has any objection, they can approach EoW…We too will present our truth before investigating agencies. Truth will be out…” Prashant Patil had told ANI.