Bombay HC Orders Shilpa Shetty, Raj Kundra to Deposit ₹60 Crore Before Traveling Abroad

The Bombay High Court has directed Bollywood actor Shilpa Shetty and her husband Raj Kundra to first deposit ₹60 crore if they wish to travel internationally, including to Los Angeles, amid an ongoing legal dispute. The court also declined to stay the Look Out Circular (LOC) issued against the couple, which prevents them from leaving India.

The order follows a plea filed by the couple seeking the quashing of the LOC in connection with a ₹60 crore fraud case. The matter has been adjourned to October 14.

Background of the Case

The investigation is being conducted by the Economic Offences Wing (EOW) of Mumbai Police, following a complaint by Deepak Kothari, a 60-year-old Mumbai-based businessman and director of Lotus Capital Financial Services. Kothari alleged that between 2015 and 2023, Shetty and Kundra misused funds provided to grow their business for personal expenses.

According to Kothari, the couple initially sought a ₹75 crore loan for their company, Best Deal TV Pvt Ltd, which operated an online lifestyle product platform. The agreed interest rate was 12%, but the couple allegedly later asked him to treat the loan as an “investment,” promising monthly returns and principal repayment.

Kothari transferred ₹31.95 crore in April 2015 and another ₹28.53 crore in September 2015 into the company’s accounts. However, he later discovered insolvency proceedings against Best Deal TV over alleged fraud involving another investor. Kothari claimed his repeated attempts to recover the funds were unsuccessful and accused the couple of using the money for personal gain.

Shilpa Shetty resigned as a director of the company in 2016. Their lawyer, Prashant Patil, has denied the allegations, stating that the couple intends to present their side before the authorities.

EOW Investigation

Following a preliminary inquiry, the EOW determined that the funds were misused and filed charges against Shetty, Kundra, and an unidentified associate under sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention) of the Indian Penal Code.

The case continues to draw significant public and media attention as the Bombay High Court prepares to hear it further next week.