Is the Cheating Case Against Shilpa Shetty and Raj Kundra a Malicious Attempt to Defame Them?

New Delhi, Aug 14 (NationPress) Following the recent booking of Bollywood actress Shilpa Shetty Kundra and her husband, businessman Raj Kundra, in relation to a cheating case involving Rs 60.4 crore, their lawyer, Prashant Patil, released a statement on Thursday labeling the accusations as 'groundless' and asserting that they are intended to tarnish his clients' reputations.

The case revolves around a complaint made by Deepak Kothari, a businessman from Mumbai, who has claimed that the couple defrauded him of more than Rs 60 crore through a loan-cum-investment agreement between 2015 and 2023.

In response to media coverage, Advocate Prashant Patil stated, “My clients have been notified by certain sections of the media about an alleged case registered against them at the Economic Offences Wing, Mumbai. To be clear, my clients categorically deny all allegations, which are fundamentally civil in nature and have already been adjudicated by the NCLT Mumbai on 04/10/2024.

Patil emphasized that this situation stems from an old business transaction that escalated into a legal issue due to financial challenges, asserting, 'There is no criminality involved.' He added that their auditors have consistently provided all necessary documentation to the EOW, including detailed cash flow statements.

He further explained that the investment agreement in question resembled an equity investment, and the company had already been issued a liquidation order, which was also submitted to the Police Department.

“The relevant chartered accountants have frequented the police station over 15 times in the past year, providing all evidence that supports our clients' claims. This is merely a baseless and malicious case aimed at defaming our clients, and we will be pursuing appropriate legal action against those responsible,” Patil stated.

According to police sources, complainant Deepak Kothari, director of Lotus Capital Financial Services, alleged that the funds intended for business growth were misappropriated for personal use.

Kothari mentioned that Rajesh Arya introduced him to the celebrity couple, who were the directors of Best Deal TV Pvt Ltd, a home shopping and online retail entity in which they reportedly held a combined 87.6 percent stake.

The initial complaint was lodged at Juhu Police Station under sections pertaining to cheating and forgery. However, due to the substantial financial scale of the case, exceeding Rs 10 crore, the investigation was handed over to the EOW following a preliminary inquiry.

Kothari alleged that the accused originally sought a loan of Rs 75 crore at 12 percent interest but later persuaded him to structure it as an investment to mitigate tax liabilities, promising monthly returns alongside principal repayment.