New Delhi, Aug 14 (IANS) — Hours after Bollywood actor Shilpa Shetty Kundra and her husband, businessman Raj Kundra, were booked in connection with a ₹60.4 crore cheating case, their lawyer Prashant Patil dismissed the allegations as “baseless” and claimed they were part of a deliberate effort to damage the couple’s image.
The case stems from a complaint by Mumbai-based businessman Deepak Kothari and is linked to the now-defunct Best Deal TV Pvt Ltd. Kothari alleges that between 2015 and 2023, the couple defrauded him of over ₹60 crore in a loan-cum-investment deal.
Responding to the reports, Patil said in a statement: “My clients have been informed through certain sections of electronic and print media about an alleged case registered against them at the Economic Offences Wing, Mumbai. At the outset, my clients categorically deny all allegations, which are purely civil in nature and were already adjudicated by the NCLT Mumbai on October 4, 2024.”
Calling it a “longstanding business transaction” that became a legal dispute after financial setbacks, Patil asserted there was “no criminality involved.” He added that the company’s auditors had provided the EOW with all requested documents, including detailed cash flow statements, over time.
Patil further explained that the disputed deal was structured like an equity investment and that the company had already undergone liquidation, with relevant orders shared with the police.
“The concerned chartered accountants have visited the police station over 15 times in the past year, providing evidence to support our clients. This case is nothing more than a baseless and malicious attempt to malign their reputation. We are initiating appropriate legal action against those responsible,” he said.
According to police, Kothari — director of Lotus Capital Financial Services — claims the funds meant for business expansion were instead diverted for personal use. He alleges he was introduced to the celebrity couple by Rajesh Arya, at a time when the pair were directors of Best Deal TV and held a combined 87.6% stake in the firm.
The original complaint, filed at Juhu Police Station under charges of cheating and forgery, was later transferred to the EOW due to the high financial value of the case, which exceeded ₹10 crore.
Kothari alleges that the accused initially sought a ₹75 crore loan at 12% interest but later asked him to structure it as an investment to avoid higher tax liabilities, promising monthly returns and repayment of the principal in return.
