Lookout notice against Shilpa Shetty, husband in mega fraud probe

MUMBAI: Bollywood actress Shilpa Shetty and her husband Raj Kundra are facing mounting legal and financial troubles after the Economic Offences Wing (EOW) of Mumbai Police issued a Look Out Circular (LOC) against the couple in a ₹600 million fraud case.

The case stems from a complaint by businessman Deepak Kothari, who accused Shilpa and Kundra of conspiring to cheat him between 2015 and 2023.

According to the complaint, Kothari was first approached in 2015 by an agent, Rajesh Arya, who sought a loan of ₹750 million at 12% annual interest for Best Deal TV Pvt Ltd, a company associated with the couple.

Kothari claimed Shilpa provided him a personal guarantee in April 2016 but resigned as director of Best Deal TV just months later, in September.

He further alleged that the company was already facing insolvency proceedings worth ₹128 million at the time—a fact that was concealed from him. Investigators say funds meant for business expansion were instead diverted for personal use.

Police officials confirmed that investigators had been monitoring the couple’s travel logs before issuing the LOC to prevent them from leaving the country. The EOW has also alerted immigration authorities.

Meanwhile, Shilpa Shetty has been in the spotlight for another reason. Her iconic Bandra restaurant, Bastian, recently announced its closure. In an Instagram post, Shilpa called it the “end of an era” and invited patrons to a farewell event.

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Amid speculation linking the restaurant’s closure to the fraud case, Shilpa released a video message insisting “Bastian is going nowhere.” She stressed the brand was simply expanding, with new ventures keeping its legacy alive.

The couple’s lawyers have rejected the allegations in the fraud case, calling them “baseless” and arguing that the dispute is civil in nature, not criminal.