Investigation into suspected fraud case of ₹600 million involving Shilpa Shetty and Raj Kundra explained: Summarized
In a recent turn of events, actress Shilpa Shetty and her businessman husband Raj Kundra have found themselves embroiled in a fraud case. The Economic Offences Wing (EOW) of Mumbai Police has issued a Look Out Circular (LOC) against the duo, following allegations made by businessman Deepak Kothari.
According to Kothari, he claims that Shilpa and Raj conspired to cheat him between 2015 and 2023, with funds meant for business expansion allegedly being diverted to personal use. Kothari alleges that he handed over more than ₹0.604 billion to the company.
The fraud case, however, does not seem to be linked to the recent closure of Shilpa's iconic Bandra restaurant, Bastian. Shilpa announced the closure of the restaurant, calling it the "end of an era." Contrary to speculations, the closure is not permanent, but a transition, with Ammakai replacing the Bandra outlet and a new Bastian Beach Club opening in Juhu by mid-October.
In 2015, Bollywood actors Akshay Kumar and Shilpa Shetty, along with Raj Kundra, launched Best Deal TV, India's first celebrity-driven teleshopping channel. Akshay Kumar stated that the vision for Best Deal TV was for celebrities to co-own and sell products they endorsed, with a focus on lifestyle, health, fashion, and beauty. Sonakshi Sinha was among the first to join Best Deal TV, introducing her own product line.
However, in April 2015, Kothari transferred ₹319.5 million to a company linked to Shilpa Shetty and Raj Kundra. By September, Shilpa Shetty resigned as director of Best Deal TV, a company linked to Kothari. Soon after her resignation, it was revealed that Best Deal TV was facing insolvency proceedings worth ₹12.8 million, a detail Kothari claims was hidden from him.
Despite their history, Akshay and Shilpa have publicly stated they have put the past behind them and are focused on business. Shilpa clarified that the closure of Bastian was not linked to the fraud case and that the brand was simply expanding with new ventures.
The fraud case is currently under investigation, and both Shilpa Shetty and Raj Kundra are accused of defrauding Kothari of more than ₹0.6 billion.
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