Shilpa Shetty and Raj Kundra Face Fresh Trouble: Lookout Notice Issued in ₹60 Crore Fraud Case
Bollywood actress Shilpa Shetty and her husband, businessman Raj Kundra, are once again in legal trouble after the Economic Offences Wing (EOW) and Mumbai Police issued a lookout notice against the couple. This action comes after an FIR was filed against them over an alleged ₹60.48 crore cheating case involving Best Deal TV Pvt. Ltd., a company once owned by the duo.
The complaint was lodged by businessman Deepak Kothari at Juhu Police Station on June 14, 2025, alleging that the couple misused funds given to them between 2015 and 2023. Kothari claims he was persuaded to invest in their company under the pretext of business expansion but later discovered the funds were diverted for personal use.
What is a Lookout Notice?
A Lookout Circular (LOC), also known as a lookout notice, is an official alert issued by law enforcement agencies in India to prevent individuals under investigation or facing criminal charges from leaving the country. In this case, the Mumbai Police and EOW issued the LOC against Shilpa Shetty and Raj Kundra following the FIR.
Details of the Complaint
According to Kothari, he was introduced to Shilpa and Raj in 2015 through agent Rajesh Arya. At that time, both were directors of Best Deal TV, with Shilpa Shetty holding over 87% stake in the company. The businessman alleged that the couple requested a loan of ₹75 crore for the company, with a promise to pay 12% annual interest.
Initially, Kothari agreed and transferred ₹31.95 crore in April 2015 as the first installment. Later, between July 2015 and March 2016, he transferred another ₹28.54 crore, bringing the total to ₹60.48 crore. He also claims to have paid ₹3.19 lakh as stamp duty charges.
However, the couple later allegedly informed him that showing the money as a loan would create tax complications and suggested showing it as an equity investment instead, with the promise of regular returns.
Kothari further alleged that in April 2016, Shilpa Shetty even provided a personal guarantee, but just a few months later, in September 2016, she resigned as director of the company. Following this, Kothari learned that Best Deal TV was already facing cases of unpaid loans, including one of ₹1.28 crore.
Despite repeated requests, the businessman claims he neither received his money back nor any returns as promised.
Investigation Handed Over to EOW
Since the amount involved exceeds ₹10 crore, the case was transferred from Juhu Police to the Economic Offences Wing (EOW). The EOW has now begun investigating financial records, travel logs of the couple, and even summoned the company’s auditors for questioning.
Defence by Shilpa and Raj’s Lawyer
Advocate Prashant Patil, representing Shilpa Shetty and Raj Kundra, has dismissed the allegations as baseless and malicious. Speaking to the media, he stated:
“The so-called loan was actually an equity investment in the company. Best Deal TV had already received a liquidation order, and all documents have been submitted to the police. Our chartered accountant has appeared before the police more than 15 times over the past year and shared all financial details. This case is nothing but an attempt to tarnish the image of my clients.”
Patil further said that the couple would be taking appropriate legal action against those spreading false allegations.
Old Ties With Controversy
This is not the first time Raj Kundra has been embroiled in controversy. He was previously arrested in July 2021 in connection with a pornography-related case and spent nearly two months in jail before being granted bail. Shilpa Shetty, however, had distanced herself from that case, stating she was not aware of her husband’s business dealings.
With the lookout notice now issued, both Shilpa and Raj may face restrictions on international travel until the investigation is complete.
What Lies Ahead?
The EOW is expected to summon the couple for questioning in the coming weeks. Meanwhile, legal experts suggest that if evidence supports the complainant’s allegations, the case could potentially lead to charges under sections of cheating, fraud, and criminal breach of trust.
For now, the Mumbai Police maintain that the case is under investigation and have urged the public not to jump to conclusions until official findings are presented.
