Bollywood actress Shilpa Shetty and her businessman husband Raj Kundra have moved the Bombay High Court to quash a Rs 60 crore cheating case filed against them by Mumbai police’s Economic Offences Wing (EOW).
The case originates from a complaint by Deepak Kothari, director of Lotus Capital Financial Services Ltd, an NBFC. Kothari alleges that between 2015 and 2023, the couple—through an agent named Rajesh Arya—convinced him to invest Rs 60 crores in their now-defunct company Best Deal TV Pvt Ltd, then misappropriated the funds for personal use rather than business purposes.
According to the FIR, a crucial meeting took place in 2015 at a five-star hotel in Juhu, attended by Shetty, Kundra, Arya, and Kothari. During this meeting, the couple allegedly presented themselves as directors of Best Deal TV and requested a business loan, promising Kothari monthly returns along with repayment of the principal amount. The complaint states that the funds were structured as “investment” rather than a loan to minimize tax liability.
The couple’s legal team has strongly contested these allegations, arguing that the FIR is based on “false and distorted facts” and was “maliciously filed with an ulterior and malafide motive to extort money.”
In her defense, Shetty has maintained that she had no involvement in the company’s day-to-day operations and was only associated with Best Deal TV for a limited period. Both she and Kundra contend that the matter is essentially a civil dispute stemming from a failed business venture and investment losses, worsened by economic challenges such as demonetisation.
The Bombay High Court heard the couple’s petition on Monday and instructed them to provide copies of their applications to the complainant, Deepak Kothari. The case has been scheduled for further hearing on November 20.
Additionally, Shetty and Kundra have requested protection from any coercive action or the filing of a chargesheet while their petitions are being considered by the court.
The outcome of this hearing could have significant implications for how investment disputes in failed business ventures are handled—whether through civil proceedings or criminal prosecution.Retry
