A bench comprising Chief Justice Chandrashekhar and Justice Gautam Ankhad was firm. It said it could not allow leisure trips while the couple is accused in a cheating and fraud case involving a massive sum.
Image Source: Instagram
Bollywood actress Shilpa Shetty and her husband, businessman Raj Kundra, are facing fresh legal hurdles in a high-profile cheating case. The Bombay High Court has made it clear that it will only consider their request to travel abroad after they deposit Rs 60 crore, the amount at the heart of the dispute.
The court’s directive came during a hearing at which Shilpa and Kundra sought suspension of the Look Out Circular (LOC) that prevents them from leaving India. The couple cited professional commitments and leisure trips abroad as reasons for their request.
Advertisement
A bench comprising Chief Justice Chandrashekhar and Justice Gautam Ankhad was firm. It said it could not allow leisure trips while the couple is accused in a cheating and fraud case involving a massive sum.
Advertisement
The couple’s lawyer argued that only one of the trips, to Phuket, was for leisure, while the rest were strictly professional. The lawyer also emphasized that the couple had fully cooperated with the investigation.
The High Court noted that their cooperation had prevented their arrest so far. But they insisted on proof of professional commitments. The bench asked for copies of invitations or any formal communication showing the events Shilpa had to attend abroad.
The LOC was issued by the Economic Offences Wing (EOW) as part of its investigation into the alleged financial misconduct. Earlier, a police team had recorded statements from both Shilpa Shetty and Raj Kundra.
The case dates back to August 14, 2025. Then Juhu Police Station registered an FIR against the couple following a complaint by Deepak Kothari, a 60-year-old director of Lotus Capital Financial Services. Kothari claims he was defrauded of Rs 60.48 crore in a loan-cum-investment deal linked to Shilpa and Kundra’s now-defunct company, Best Deal TV Private Limited.
According to the complaint, Kothari first met the couple in 2015 through an intermediary named Rajesh Arya. Arya claimed to have connections with Raj Kundra and Shilpa Shetty’s company and requested a substantial loan of Rs 75 crore at 12 percent annual interest.
Best Deal TV Private Limited was an online platform dealing in lifestyle, fashion, health, beauty, and home products.
The arrangement, Kothari alleges, was later transformed from a loan to an “investment”. This was to reduce tax liabilities, while promising him monthly returns and repayment of the principal. Between April 2015 and March 2016, Kothari transferred Rs 31.95 crore under a share subscription agreement and an additional Rs 28.53 crore under a supplementary agreement, bringing the total to Rs 60.48 crore, plus Rs 3.19 lakh in stamp duty. All funds were allegedly credited to Best Deal TV’s HDFC Bank accounts.
At the time, Shilpa Shetty held 87.61 percent of Best Deal TV’s equity, while Raj Kundra was a director. In April 2016, Shilpa personally guaranteed the repayment of the money with 12 percent annual interest. This meant she was personally liable beyond her corporate role.
However, in September 2016, Shilpa resigned as director without informing Kothari, which shocked the complainant.
Kothari later discovered that Best Deal TV was facing insolvency proceedings worth Rs 1.28 crore. This was filed by vendor Aesthetique Solutions. The insolvency case was admitted by the National Company Law Tribunal (NCLT) Mumbai in May 2017. It went on for several years. Despite attempts to resolve the company’s financial issues, it eventually went into liquidation.
Advertisement
