Shilpa Shetty News / Shilpa Shetty caught in fraud case, will a lookout notice be issued?

Shilpa Shetty News: Bollywood actress Shilpa Shetty and her husband Raj Kundra are once again seen getting into legal trouble. The Economic Offenses Wing (EOW) of Mumbai Police has registered an FIR against them in a serious case of fraud. The case is related to the alleged fraud of more than Rs 60 crore, which is currently making headlines. The EOW is now preparing to take strict action in this matter and may soon issue a Lookout Circular (LOC) against both of them.

What is the whole matter?

Deepak Kothari, a Mumbai businessman, has accused Shilpa Shetty and Raj Kundra of fraud of Rs 60 crore 48 lakh between 2015 and 2023. Kothari claims that he had invested this amount in Shilpa and Raj's company Best Deal TV Pvt. Ltd., which operated an online shopping platform. According to Kothari, this investment was made to grow the company's business, but it is alleged that this amount was used for personal expenses, which is completely wrong and illegal.

According to reports, Kothari was associated with Shilpa and Raj's company in 2015 through an agent. When the company needed Rs 75 crore, this amount was shown as an investment instead of a loan to save tax. Kothari invested a total of Rs 60 crore 48 lakh in different installments. The complainant also says that in April 2016, Shilpa Shetty personally guaranteed to return the money. However, nothing like this happened. After some time, Shilpa resigned from the post of director of the company, and the company went bankrupt. During this time, Kothari was not given any information, which he considers unfair.

What happened when he asked for the money?

When Kothari asked for the return of his investment amount, he was repeatedly put off. His money was not returned for nine years. After this situation, Kothari chose the path of legal action. EOW has registered an FIR in this case under sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (crime committed with common intention) of the Indian Penal Code (IPC). The police have now started an in-depth investigation into the matter.

EOW investigation and next steps

The police is trying to find out where the invested amount flowed and for what purposes it was used. For this, EOW is also investigating the travel records of Shilpa Shetty and Raj Kundra. If needed, the police can issue a Lookout Circular (LOC) against both of them. If LOC is issued, Shilpa and Raj may face difficulties in going out of the country, which may increase their problems further.