Raj Kundra and Shilpa Shetty Face Rs. 60 Crore Fraud Probe: Bombay HC Demands Full Deposit Before Considering Travel Plea

Businessman Raj Kundra is nowadays under police investigation, alleged to have deceived a businessman of about Rs. 60 crore in a loan and investment deal. According to the sources, Kundra claimed his business faced huge losses because of demonetisation.

The Mumbai Police’s Economic Offences Wing (EOW) is investigating the present fraud case. Kundra said his company in the past traded in electrical and household appliances, in which it suffered significant losses after demonetisation in 2016.

The case was registered on August 14, 2025, against both Raj Kundra and his wife, Bollywood actor Shilpa Shetty, who were directors of now-defunct Best Deal TV Private Limited, which is a home shopping and online retail platform, in Mumbai. Both couples are alleged to have deceived the businessman of around Rs 60 crore in a loan-cum-investment deal. Raj Kundra has already been questioned twice in this case and may be called again in the coming weeks. His wife was also questioned at her home for over four hours on October 4.

50-year-old businessman named Deepak Kothari claimed that Raj Kundra borrowed a significant amount of funds from him but could not pay them back due to a financial crisis. Kothari further claimed that between 2015 and 2023, the couple forced him to invest Rs 60 crore in Best Deal TV Private Limited; however, the amount was not invested in real estate; it was utilised for their own personal benefit.

When Shipa was questioned by the police, she claimed that she was not included in the affairs of the company, which she had just co-founded with her businessman husband. Additionally, she resigned from the company in September 2016.

Last month, the couple went to the Bombay High Court asking to cancel the Look Out Circular (LOC) issued against them by the police in the cheating and fraud case. They said they needed to travel abroad for work and some personal trips. However, on Wednesday, a bench of Chief Justice Shree Chandrashekhar and Justice Gautam Ankhad said that leisure trips (for fun) cannot be allowed while they are accused in a fraud case.

The couple’s lawyer told the court that only one trip, to Phuket, was for leisure, and all other trips were for professional purposes. The lawyer also said that the couple has been cooperating with the investigation and has appeared whenever called for questioning.

The court replied that the only reason they haven’t been arrested yet is that they have cooperated with the probe. The judges then asked the lawyer to provide proof, such as invitations or official communication, for the professional events Shilpa Shetty was supposed to attend.

Finally, the High Court said it will consider their request to cancel the LOC only after they deposit the full amount of Rs. 60 crore involved in the case. The court added, “Deposit the entire amount of Rs 60 crore, then we will consider the plea,” and scheduled the next hearing for October 14.