Bollywood actress Shilpa Shetty’s husband and businessman Raj Kundra is once again in legal trouble. This time the matter is related to a big loan, which he himself has admitted that he could not repay. This case is related to an alleged fraud of about Rs 60 crore, which is currently being investigated by the Economic Offenses Wing (EOW) of Mumbai Police.
What is the whole matter?
According to media reports, Mumbai-based businessman Deepak Kothari, who is the director of Lotus Capital Financial Services, has alleged that Raj Kundra and Shilpa Shetty had taken an investment-based loan from him, which was later not returned. Kothari says that he had invested in a company named Best Deal TV Private Limited in 2015. This company was started by Raj Kundra and Shilpa Shetty and was a kind of home shopping platform.
According to the complaint, Kothari had given around Rs 31.95 crore as investment in April 2015, and Rs 28.53 crore in September 2015. The total amount is approximately Rs 60 crore. Kothari was promised that he would get 12% interest and returns every month on this investment. But, despite repeated requests, the money was not returned.
Demonetization as an excuse?
According to Moneycontrol report, Raj Kundra has told the investigating agencies that after demonetization in 2016, the condition of his company had deteriorated and hence he could not return this money. He himself has confessed this to the Economic Offenses Wing (EOW) of Mumbai Police. This revelation has brought a new twist to the case, because now it has become not just a business dispute but a case of possible fraud.
Shilpa Shetty left the company
Moneycontrol report said that meanwhile the complainant Kothari says that when he asked for the money back, he came to know that the bankruptcy process has started on the company. Interestingly, at the same time Shilpa Shetty resigned from the post of director of the company, which further deepened the suspicion.
Bombay High Court’s strict stance
The hearing of this case is now going on in the Bombay High Court. The court has clearly said that if Raj Kundra and Shilpa Shetty want to travel abroad, they will have to deposit Rs 60 crore first. Along with this, the court also refused to cancel the Lookout Circular (LOC) issued against him. Raj and Shilpa had approached the court to remove this LOC, but the court did not grant relief on their petition. Now the next hearing of this case will be on October 14.
Been embroiled in controversies before too
It is worth noting that this is not the first time that Raj Kundra has been embroiled in some controversy. Earlier in 2021, he was arrested in a high-profile case related to the production and streaming of obscene films. Now this new matter is creating problems for them again.