Daijiworld Media Network – Mumbai

Mumbai, Sep 5: The Mumbai Police have issued a lookout circular (LOC) against Bollywood actor Shilpa Shetty and her businessman-husband Raj Kundra in connection with an alleged cheating case of nearly Rs 60 cr.

According to officials, the LOC was issued by the Economic Offences Wing (EOW) on Friday as the couple frequently travels abroad. The case, registered on August 14 at Juhu Police Station, pertains to accusations of duping Juhu-based businessman Deepak Kothari in a loan-cum-investment deal linked to their defunct company, Best Deal TV Pvt Ltd.

Kothari, director of Lotus Capital Finance Services, alleged that between 2015 and 2023, Shetty and Kundra took Rs 60.4 crore from him under the pretext of investment. Initially, Rs 31.9 crore was transferred in April 2015 under a share subscription agreement, followed by Rs 28.53 crore under a supplementary agreement. He claimed they promised monthly returns and repayment of the principal amount.

Shetty resigned as a company director in September 2016, but insolvency proceedings were later initiated against the firm in 2017 for defaulting on another agreement.

Meanwhile, the couple’s lawyer has dismissed the allegations as “baseless and malicious,” asserting that the case was an attempt to tarnish their reputation. Legal action against the complainant has also been initiated, the lawyer said.