Shilpa Shetty And Raj Kundra Face Fresh Cheating Charge In ₹60 Crore Loan Case; He Responds
Mumbai Police have intensified their probe into a ₹60-crore loan dispute by adding a cheating charge against businessman Raj Kundra and actor Shilpa Shetty, officials said on Wednesday. Officials from the Economic Offences Wing (EOW), which is probing the matter, confirmed the development on Wednesday, marking a significant escalation in the case involving the high-profile couple.
Until now, the case had been registered under Section 406 of the Indian Penal Code, which deals with criminal breach of trust. Following further investigation, the EOW has also invoked Section 420 of the IPC, which pertains to cheating and dishonestly inducing the delivery of property. An official explained that the couple has been booked under the IPC since the complaint was filed before the Bharatiya Nyaya Sanhita (BNS) came into force on July 1, 2024.
The case originates from a complaint filed by 60-year-old Mumbai-based businessman Deepak Kothari, a resident of Juhu. He has alleged that he was duped of ₹60.4 crore in a loan-cum-investment deal linked to Best Deal TV Pvt Ltd, a company that has since shut down. Raj Kundra and Shilpa Shetty were directors of the firm at the time of the alleged transactions. If convicted under Section 420, the offence of cheating carries a punishment of up to seven years in prison, along with a fine.
Reacting to the addition of the cheating charge, Raj Kundra strongly denied the allegations. Taking to his verified X handle, he said, “We categorically deny the baseless and motivated allegations being circulated. The issues sought to be raised are being given a criminal colour without any lawful basis.”
He further added that legal remedies are already underway. “A quashing petition has already been filed before the Hon’ble High Court and is pending adjudication. Having fully cooperated with the investigation, we are sanguine that justice will prevail and have complete faith in law enforcement authorities and the Indian judiciary. We respectfully urge the media to exercise restraint as the matter is sub-judice.”
For now, the investigation remains ongoing, with the added charge bringing sharper focus on the case and its legal outcome.
Until now, the case had been registered under Section 406 of the Indian Penal Code, which deals with criminal breach of trust. Following further investigation, the EOW has also invoked Section 420 of the IPC, which pertains to cheating and dishonestly inducing the delivery of property. An official explained that the couple has been booked under the IPC since the complaint was filed before the Bharatiya Nyaya Sanhita (BNS) came into force on July 1, 2024.
The case originates from a complaint filed by 60-year-old Mumbai-based businessman Deepak Kothari, a resident of Juhu. He has alleged that he was duped of ₹60.4 crore in a loan-cum-investment deal linked to Best Deal TV Pvt Ltd, a company that has since shut down. Raj Kundra and Shilpa Shetty were directors of the firm at the time of the alleged transactions. If convicted under Section 420, the offence of cheating carries a punishment of up to seven years in prison, along with a fine.
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Reacting to the addition of the cheating charge, Raj Kundra strongly denied the allegations. Taking to his verified X handle, he said, “We categorically deny the baseless and motivated allegations being circulated. The issues sought to be raised are being given a criminal colour without any lawful basis.”
He further added that legal remedies are already underway. “A quashing petition has already been filed before the Hon’ble High Court and is pending adjudication. Having fully cooperated with the investigation, we are sanguine that justice will prevail and have complete faith in law enforcement authorities and the Indian judiciary. We respectfully urge the media to exercise restraint as the matter is sub-judice.”
For now, the investigation remains ongoing, with the added charge bringing sharper focus on the case and its legal outcome.
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