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First deposit ₹60 crore: Bombay HC to Shilpa Shetty, Raj Kundra on leaving India
This comes after the couple filed a plea in the high court seeking the quashing of a Look Out Circular (LOC) issued against them.
The Bombay High Court on Wednesday ordered actor Shilpa Shetty and her husband Raj Kundra to first deposit ₹60 crore if they wish to travel to Los Angeles in the United States or any other foreign location. Denying permission to travel, the court also refused to pause the Look Out Circular (LOC) issued against them.
This comes after the couple filed a plea in the high court seeking the quashing of the LOC issued against them in connection with an FIR over an alleged fraud of ₹60 crore. The high court has adjourned the matter until October 14, LiveLaw reported.
What is the case?
The case, which is being investigated by the Economic Offences Wing (EOW) of Mumbai Police, is based on a complaint filed by Deepak Kothari, a 60-year-old businessman from Mumbai and director of Lotus Capital Financial Services.
In his complaint, Kothari claimed that between 2015 and 2023, Shetty and Kundra used the money he had given them to grow their business for their personal expenses. He said that in 2015, Shetty and Kundra, through a mediator, approached him for a ₹75 crore loan for their company, Best Deal TV Pvt Ltd, which sold lifestyle products and ran an online shopping platform.
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The agreed interest rate was 12 per cent. Later, they allegedly asked him to treat the amount as an “investment” instead of a loan, assuring him of monthly returns and repayment of the principal. Kothari stated that he transferred ₹31.95 crore in April 2015 under a share subscription agreement and another ₹28.53 crore in September 2015 under a supplementary agreement. The entire amount was credited to Best Deal TV’s bank accounts.
However, Kothari later found that insolvency proceedings had begun against the company for allegedly cheating another investor. He claimed that his repeated efforts to recover the money failed and accused the couple of “dishonestly using” the funds for their personal benefit. In 2016, Shetty stepped down as director of Best Deal TV.
Shilpa and Raj’s lawyer, Prashant Patil, denied the allegations and said they would present “our truth” before the investigating agencies.
After a preliminary inquiry, the EOW found that Kothari’s funds had been misused and filed a case against Shetty, Kundra, and an unidentified associate under sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention) of the Indian Penal Code.
