In a big development in the alleged Rs 60 crore fraud case, the Bombay High Court has now asked Bollywood actress Shilpa Shetty and her businessman husband, Raj Kundra, to deposit Rs 60 crore or provide
a continuous bank guarantee from a nationalised bank if they want the Lookout Circular (LOC) against them to be lifted.
However, Senior Advocate Abad Ponda, representing the couple, argued against depositing the full amount and suggested surety or a reasonable alternative. He also emphasised the medical urgency of the trip. Despite this, the bench rejected partial measures and insisted on the full amount via deposit or bank guarantee.
For the unversed, earlier this month, the actress and her businessman husband, who have been accused of a fraud of Rs 60 crore, sought suspension of the Look Out Circular (LOC) issued against them so they can visit Kundra’s ailing father in London.
In the plea, the couple stated that Kundra’s father was diagnosed with a chronic and unexplained iron-ammonia deficiency, causing severe complications and blood loss earlier this month. He has been advised to undergo a repeat capsule endoscopy or double-balloon enteroscopy. They have also claimed that Raj’s father is experiencing breathlessness and that his condition is deteriorating. Therefore, they have sought permission to travel to London as soon as possible by January 20, 2026.
What Is The Case About?
Earlier this year, Shilpa Shetty and her husband Raj Kundra were booked by the Economic Offences Wing (EOW) for allegedly cheating a Mumbai-based businessman of Rs 60.4 crore in connection with a loan-cum-investment deal. Another unknown person was also charged in connection with the incident.
The complainant, Deepak Kothari, has alleged that the couple defrauded him of over Rs 60 crore, which involved Shetty and Kundra’s now-defunct company, Best Deal TV Pvt Ltd. According to Kothari, he invested the amount between 2015 and 2023 under the pretext of expanding a business, but the money was allegedly misused for personal expenses. EOW is now investigating the case.
Shilpa Shetty, Raj Kundra Call Allegations ‘Baseless’
Previously, Shilpa Shetty and Raj Kundra’s lawyer denied the allegations, saying they were purely civil in nature and had been adjudicated by the NCLT Mumbai on October 4, 2024. “This is an old transaction, wherein the company went into financial distress and eventually got entangled in a long legal battle at the NCLT. There is no criminality involved, and our auditors have submitted all the necessary supporting documents from time to time, as requested by the EOW, including detailed cash flow statements,” said advocate Prashant Patil.
“The investment agreement in question is purely in the nature of an equity investment. The company has already received a liquidation order, which has also been placed before the police department. The concerned Charter accounts have visited the police station for the last one year for more than 15 times with all the evidence supporting the claims of my clients,” the lawyer added.
Patil called the case “baseless and malicious”, which was aimed at maligning Kundra and Shetty. He also said appropriate action is being initiated from their side against the perpetrators.
