The spotlight is back on businessman and film personality Raj Kundra, husband of Bollywood actor Shilpa Shetty. On Tuesday, the Economic Offences Wing (EOW) of the Mumbai Police summoned him in connection with a massive ₹60.48 crore investment fraud case. The summons requires him to appear before investigators on September 15, setting the stage for what could be another high-profile legal battle involving celebrity names.
But what is the case actually about, and how did it come to be? Let’s summarize it in simple terms.
A Lookout Circular and New Trouble
Earlier this month, on September 5, the Mumbai Police had issued a Lookout Circular (LOC) against Raj Kundra and Shilpa Shetty. For those who are new to the term, an LOC is essentially a notification sent to airports and border checkpoints to prevent someone from going abroad or to trace their movements. This action is usually taken when the authorities worry that the accused will flee overseas.
Given that the celebrity couple often travels internationally, the LOC indicates how seriously investigators are treating the case.
The Origins of the Case
The roots of this case go back to 2015, when businessman Deepak Kothari, a 60-year-old director of Lotus Capital Finance Services, first entered into a financial arrangement with Raj Kundra and Shilpa Shetty.
According to Kothari’s complaint, he came into contact with the couple through a common acquaintance, Rajesh Arya. At the time, Kundra and Shetty were running Best Deal TV Private Limited, a home shopping and online retail venture.
The company was seeking funds, and through Arya, Kundra allegedly approached Kothari with a request for a ₹75 crore loan. However, instead of recording it as a loan, they structured it as an “investment,” reportedly to avoid higher taxes.
The Money Trail
Kothari agreed, but what followed became the foundation of the fraud allegations.
• In April 2015, Kothari transferred ₹31.9 crore under a share subscription agreement.
• In September 2015, he transferred another ₹28.53 crore under a supplementary agreement.
In total, the investment added up to nearly ₹60.48 crore. According to Kothari, the couple not only promised monthly returns but also assured repayment of the principal.
To add another layer of assurance, in April 2016, Raj Kundra allegedly provided a personal guarantee. But barely months after, in September 2016, Shilpa Shetty had stepped down as a director of the firm.
The step took many by surprise, particularly when Kothari later found out that the firm was already facing insolvency proceedings in 2017 due to other agreement defaults.
Allegations of Misuse
Kothari has accused the accused of misusing his money for personal use rather than business. Cheated, he went to the Mumbai Police. On August 14, 2025, a case was filed at the Juhu police station and then shifted to the EOW for a more in-depth investigation.
The Defense
For their part, Raj Kundra and Shilpa Shetty denied all charges. Their attorney released a statement confirming that the case was civil in nature and not criminal and was already decided on October 4, 2024, by the National Company Law Tribunal (NCLT), Mumbai.
This defense highlights an all-too-common thesis in high-dollar financial cases: whether or not the case is one of intentional fraud or merely a bad business deal.
Why This Case Matters
The Raj Kundra–Shilpa Shetty duo is no stranger to controversy. Raj Kundra, in particular, has previously faced legal troubles, including a high-profile pornography-related case that made headlines in 2021.
This fresh summons brings him under the scanner once again, but the stakes are higher this time because of the large sums of money involved and the complainant being an established businessman with a paper trail of agreements and fund transfers.
For Shilpa Shetty, however, as her position in the company comes under the microscope, her 2016 resignation could be her alibi. However, the fact that both the LOC and the FIR name her ensures that the public eye remains trained on the pair.
What Happens Next
With Kundra all set to confront the EOW on September 15, all eyes will be on whether the investigators find enough proof to go ahead with the case against him or the matter fizzles out as a civil-commercial issue.
Either way, the case is expected to be the biggest headline-grabber in weeks to come, mingling the glamour of Bollywood stardom with the seriousness of corporate fraud allegations.
For the time being, one thing is certain: Raj Kundra is again in for a fight to establish his innocence, while Shilpa Shetty is forcefully pulled into yet another legal backlash.
Conclusion
The Raj Kundra investment scandal case continues to unfold, but it’s a highlight reel of the unsavory intersection of money, business, and celebrity. Regardless of whether it settles as a criminal penalty or a civil squabble, the story is another chapter in the continuing saga of celebrity scandals that walk a fine line between fame and responsibility.