Raj Kundra Summoned by Mumbai Police in Rs 60 Crore Fraud Case

Mumbai, September 9, 2025 — The Economic Offences Wing (EOW) of Mumbai Police has summoned businessman Raj Kundra, husband of Bollywood actor Shilpa Shetty, in connection with an alleged Rs 60 crore fraud case. He was initially asked to appear last Wednesday, but the date has now been pushed to September 15 after he requested more time. Alongside him, an auditor associated with the National Company Law Tribunal (NCLT) has also been called for questioning. The summons come just days after a Lookout Circular was issued against Kundra and Shetty to prevent them from travelling abroad. The complaint was filed by 60-year-old businessman Deepak Kothari, a resident of Juhu and director of Lotus Capital Finance Services, a non-banking financial company (NBFC). Kothari has accused Kundra and Shetty of duping him of nearly Rs 60 crore through what he describes as a fraudulent loan-cum-investment deal. According to the complaint, Kothari was introduced to the couple by Rajesh Arya. At the time, Kundra and Shetty were directors of Best Deal TV Private Limited, a home shopping and e-commerce venture. Through Arya, the couple sought a loan of Rs 75 crore but reportedly labelled it as an “investment” to avoid higher taxation. They allegedly promised Kothari regular returns along with repayment of the principal. Kothari claims he invested Rs 31.9 crore in April 2015 through a share subscription agreement, followed by another Rs 28.53 crore in September 2015 under a supplementary agreement. In April 2016, Shetty provided a personal guarantee but later resigned as a director in September that year. By 2017, insolvency proceedings had already been initiated against Best Deal TV for defaulting on another agreement. Kothari alleges that the funds he provided were misused for personal purposes rather than business expansion. In response, the couple’s lawyer issued a statement denying any wrongdoing. He called the allegations civil in nature and pointed out that the matter had already been adjudicated by NCLT Mumbai on October 4, 2024. He added that the company had gone into financial distress, which led to a prolonged legal battle. The lawyer also claimed that all necessary documents, including cash flow statements, were provided to the EOW when requested. The FIR in the case has been registered at Juhu Police Station. Kothari maintains that between 2015 and 2023, he invested Rs 60.48 crore in Best Deal TV, but instead of using the money for business, it was allegedly diverted for personal use by the accused. Raj Kundra Summoned in Rs 60 Crore Fraud Case Mumbai Police’s Economic Offences Wing has summoned businessman Raj Kundra in a Rs 60 crore cheating case, with questioning set for September 15. The complaint, filed by Juhu businessman Deepak Kothari, alleges that Kundra and Shilpa Shetty misused funds invested in their company Best Deal TV Pvt Ltd. The couple has denied wrongdoing, calling it a civil matter already reviewed by the NCLT. A Lookout Circular has also been issued to stop them from leaving India as investigations continue.