In a significant development to an ongoing financial investigation, Mumbai’s Economic Offences Wing (EOW) has formally added cheating charges against Bollywood actress Shilpa Shetty and her entrepreneur husband Raj Kundra. The enhanced charges stem from an alleged ₹600 million (approximately $7.2 million) fraud case that has been under investigation since August.
The case originated from a complaint filed by Mumbai-based businessman Deepak Kothari, who alleges he was systematically deceived in a complex loan-investment arrangement with the high-profile couple. According to legal representatives for Kothari, recent investigative findings provided sufficient evidence to warrant the additional cheating charge, potentially expanding the scope of the criminal probe.
Financial records indicate the alleged misconduct centers around Best Deal TV Private Limited, a now-defunct home shopping and online retail platform where both Shetty and Kundra held director positions. The initial First Information Report (FIR) claimed that between 2015 and 2023, the couple persuaded Kothari to invest substantial sums totaling ₹600 million with promises of legitimate business returns.
Kothari’s legal team has announced plans to approach India’s Enforcement Directorate (ED) to initiate proceedings under the Prevention of Money Laundering Act (PMLA). This would enable authorities to trace, identify, and potentially seize assets believed to represent proceeds from the alleged financial crimes.
In previous statements, Kundra has defended the financial transactions, claiming significant portions of the funds were allocated as professional fees to other Bollywood personalities including actors Bipasha Basu and Neha Dhupia. He has additionally attributed the company’s financial difficulties to India’s 2016 demonetization policy, which he claims severely impacted Best Deal TV’s operations dealing in electrical and household appliances.
The Economic Offences Wing continues to examine financial documentation and transaction records as the investigation progresses. Neither Shetty nor Kundra have issued public statements following the latest development in the case.