Shilpa Shetty’s husband Raj Kundra responds to $72 million fraud claims

Dubai: Businessman Raj Kundra, husband of Bollywood actress Shilpa Shetty, has addressed the ongoing ₹6.04 billion ($72 million) fraud allegations made by businessman Deepak Kothari.

Speaking in Delhi at the launch of his Punjabi debut Mehar, Raj Kundra told reporters he has ‘never done anything wrong’ and trusts the truth will come out, according to reports.

“Let’s just wait and watch because that’s life for you. We haven’t said anything so far because we know we haven’t done anything wrong. The truth will come out eventually,” Kundra told India Today.

The case against Raj Kundra and Shilpa Shetty

Complaint by businessman Deepak Kothari

Earlier this month, reports revealed that the Economic Offences Wing (EOW) of Mumbai Police had summoned Kundra and his wife, actress Shilpa Shetty, in connection with a fraud case.

Kothari, a 60-year-old businessman, alleged the couple duped him of more than ₹6.04 billion ($72 million) in a loan-cum-investment deal between 2015 and 2023.

How the deal unfolded

• 2015: Kothari was approached by agent Rajesh Arya to lend ₹7.5 billion ($89 million) at 12% annual interest to Best Deal TV Pvt Ltd, a company co-owned by Kundra and Shetty.

• April 2015: Kothari transferred ₹3.195 billion ($38 million).

• July 2015 – March 2016: He added another ₹2.854 billion ($34 million).

• Total: Over ₹6.04 billion ($72 million), excluding stamp duty charges.

Kothari said the agreement later shifted from a loan to an “investment.”

Shilpa Shetty’s role and exit

In April 2016, Shetty allegedly signed a personal guarantee in favour of Kothari. But by September 2016, she resigned as company director.
Around the same time, Best Deal TV was reported to be facing insolvency proceedings worth ₹128 million ($1.5 million) — a fact Kothari claims was concealed.

Accusations of conspiracy

According to Kothari, repeated requests for repayment were ignored. He alleged that Kundra, Shetty, and their associates ran a “well-planned conspiracy” to cheat him of his money.

The Mumbai Police has since issued a Look Out Circular (LOC) against the couple, while reviewing their travel records.

Best Deal TV: A celebrity venture that fizzled out

When launched in 2015, Best Deal TV was touted as India’s first celebrity-driven teleshopping platform.

The channel brought together big names — including actor Akshay Kumar, who co-founded it alongside Kundra and Shetty, despite his past relationship with Shilpa. The business aimed to sell lifestyle, health, fashion, and beauty products directly endorsed by celebrities such as Sonakshi Sinha.

The ambitious project, however, failed to sustain, and by 2016, the company was struggling financially.

Restaurant closure adds to speculation

Amid the controversy, Shilpa Shetty also announced the closure of her Bandra-based restaurant, Bastian. While some linked the move to the fraud case, the actress clarified in a video that the brand was expanding.

CEO Ranjit Bindra confirmed that the Bandra outlet will be replaced by Ammakai, a South Indian speciality restaurant, while a Bastian Beach Club will open in Juhu by mid-October.

What lies ahead

As the legal case unfolds, Raj Kundra maintains his stance of innocence, urging the public to “wait for the truth.” Shilpa Shetty, too, has emphasised that their business ventures are continuing and not shutting down.