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What is the ₹60 crore cheating case against Shilpa Shetty, Raj Kundra, and how is couple involved?
The couple is accused of cheating Deepak Kothari, a 60-year-old businessman, of ₹60.48 crore, and a case has been registered based on his complaint.
The Economic Offences Wing (EOW) of the Mumbai Police has filed a case against actor Shilpa Shetty and her husband Raj Kundra for alleged fraud to the tune of ₹60.48 crore.
The couple, and an unknown person, are accused of cheating Deepak Kothari, a 60-year-old businessman, of the huge sum, and a case has been registered based on his complaint.
The fraud case involves Shilpa Shetty, her husband Raj and their company Best Deal TV Private Limited, which is reportedly now-defunct.
Fraud case explained
According to Deepak Kothari, he lost his money in a loan-cum-investment deal, which was struck after he was introduced to Raj Kundra through a common friend, he said in his FIR.
Kothari, director of Lotus Capital Financial Services Ltd, claimed that he was asked Shilpa and Raj to transfer the sum as investment, and was promised a monthly return and repayment of the principal amount.
According to news agency ANI, the couple sought around ₹75 crore from Kothari in 2015, and a 12 per cent interest rate was promised. The amount was sought as loan for the couple's firm Best Deal TV Private Limited, an online shopping platform where lifestyle products were promoted.
While the requested amount remained the same, the term later changed to an "investment" instead of loan.
Two instalments of the amount were paid by Kothari, ₹31.95 crore in April 2015 under a share subscription deal, and another ₹28.53 crore in September 2015 through a supplementary agreement, the businessman reportedly alleged.
The full amount went into Best Deal TV’s bank accounts.
He claimed that repeated attempts to get the money back failed, and alleged that while the funds were sought as investment, the couple used it for their own personal benefit. Shilpa Shetty resigned from the company in 2016, and discovered insolvency proceedings against it for cheating another investor.
The couple has been booked under sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust) and 34 (common intention) of the Indian Penal Code (IPC).
