Shilpa Shetty and Raj Kundra charged with defrauding businessman of Rs 60 crore

Shilpa Shetty and her husband Raj Kundra have been charged of Rs 60 crore fraud. Mumbai-based businessman Deepak Kothari alleged that he transferred the sum to the couple for business expansion around 2015-2023. Now claims it was used for personal expenditure. Kothari, was introduced to the couple through an agent in 2015, when they were directors of the now, defunct Best Deal TV. Shetty held over 87% of the shares of the online shopping platform.

How much money did the businessman transfer to Best Deal TV?

Arya alleged that he sought a loan of Rs 75 crore for the company and it was at 12% annual interest. To avoid higher taxes, the agent suggested that the amount be transferred as an investment. Following which a meeting took place and the deal was finalised. During which it was discussed that the amount would be returned on time.

The business then claimed that the sum was transferred in instalments; the first one was paid in April 2015, which was about Rs 31.95 crore. And he later transferred Rs 28.54 crore between July 2015 and March 2016.

Kothari claims he even paid the stamp duty, which was Rs 3.19 lakh. At the time of the deal in April 2016, Shetty had assured and given a guarantee. He learnt that in September, she resigned as the director of the company.

What is the current status of the investigation?

Based on Kothari's complaint, an FIR has been filed in this regard at Juhu Police Station o Wednesday (August 13). It has been registered under sections 403 (dishonest and misappropriation of property), 406 (criminal breach of trust) and 34 (common intention). As the amount exceeds Rs 10 crore, the case against Raj Kundra and Shilpa Shetty Kundra has been transferred to the Economic Offences Wing (EOW).

The department is following the money trail and investigating the claims made in the complaint filed by businessman Kothari.