Shilpa Shetty, Raj Kundra claim ‘no criminality involved’ in Rs 60 cr cheating case filed against them: ‘Nothing but baseless and malicious’

Kothari alleged that the couple took the money under the pretext of expanding their business but used it for personal expenses instead. According to him, in 2015, Shetty and Kundra approached him through a mediator seeking a Rs 75 crore loan for their company, Best Deal TV Pvt Ltd, which promoted lifestyle products and ran an online shopping platform. The proposed interest rate was 12%. Later, they reportedly asked him to provide the funds as an “investment” instead of a loan, assuring him of monthly returns and repayment of principal.

Kothari claimed he transferred Rs 31.95 crore in April 2015 under a share subscription agreement, and another Rs 28.53 crore in September 2015 under a supplementary agreement. The total amount was credited to Best Deal TV’s bank accounts. Repeated attempts to recover the funds allegedly failed, and Kothari accused the couple of “dishonestly using” the money for personal benefit. The Economic Offences Wing (EOW) is currently conducting a detailed investigation into the financial transactions, agreements, and the alleged misappropriation of funds.

“There is no criminality involved, and our auditors have submitted all the necessary supporting documents from time to time, as requested by the EOW, including detailed cash flow statements. The investment agreement in question is purely in the nature of an equity investment,” argued Patil, adding, “The company has already received a liquidation order, which has also been placed before the police department . The concerned Charter accounts have visited the police station for last one year for more than 15 times with all the evidence supporting the claims of my clients.”

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