Bad news for Shilpa Shetty and husband Raj Kundra, power couple charged with fraud worth...
In yet another trouble for the power couple, Bollywood actor Shilpa Shetty and her husband, businessman Raj Kundra, have been charged with defrauding a Mumbai-based businessman of Rs 60 crore. One businessman Deepak Kothari has alleged that he had given them Rs 60.48 crore for business expansion around 2015-2023, but he alleged that they spent it on personal expenses. The case is linked to loan-cum-investment deal for the celebrity couple's now-defunct Best Deal TV Pvt Ltd.
What is the case?
Kothari, director of Lotus Capital Financial Services, said in his complaint that one agent, Rajesh Arya introduced him to the couple, who were then directors of Best Deal TV Pvt Ltd, a home shopping and online retail platform. At that time, the power couple held 87.6% of the company's shares.
Kothari claimed the Bollywood couple initially sought a loan of Rs 75 crore at 12% interest. He was later persuaded to route the funds as an 'investment' to avoid higher taxation, while being assured of monthly returns and repayment of principal.
How was the money transferred?
Following the assurances, Kothari claimed he transferred Rs 31.95 crore in April 2015 under a share subscription agreement, followed by another Rs 28.53 crore under a supplementary agreement in September 2015. The total amount was allegedly credited to Best Deal TV's HDFC Bank accounts.
Kothari eventually filed a complaint after he alleged that repeated attempts to recover his money through the mediator, Rajesh Arya, failed. The investigation into the case has been handed over to the Economic Offences Wing (EOW) as the amount involved exceeded Rs 10 crore.
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