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Shilpa Shetty's Foreign Trip Canceled Amid Rs 60-Crore Fraud Case Battle

Shilpa Shetty has canceled her planned foreign trip following the Bombay High Court's decision. The court refused to grant a temporary suspension of the Look Out Circular issued against her and husband Raj Kundra. The couple faces allegations of cheating businessman Deepak Kothari of over Rs 60 crore. Their lawyer maintains they will present their side of the story to investigators.

Key Points: Shilpa Shetty Cancels Trip After Bombay HC LOC Ruling

  • Bombay High Court refused temporary suspension of Look Out Circular
  • Couple accused of cheating businessman Deepak Kothari of Rs 60 crore
  • Funds allegedly used for personal expenses instead of business expansion
  • Case involves Best Deal TV Pvt Ltd and transactions from 2015-2023
2 min read

Shilpa Shetty cancels foreign trip after Bombay HC denies stay on LOC in Rs 60-crore fraud case

Bollywood actress Shilpa Shetty cancels foreign travel after Bombay High Court denies stay on Look Out Circular in Rs 60-crore fraud investigation.

"We will present the truth to the investigating agencies - Prashant Patil, Shilpa Shetty's lawyer"

Mumbai, October 16

Actress Shilpa Shetty has decided to cancel her planned foreign trip after the Bombay High Court recently refused to grant her permission, amidst an ongoing investigation into an alleged Rs 60-crore fraud case.

On Thursday, Shetty's lawyer informed the Bombay High Court that the actress would not proceed with her travel plans following the court's decision to deny a temporary suspension of the Look Out Circular (LOC) issued against her and her husband, businessman Raj Kundra.

The Mumbai Police's Economic Offences Wing (EOW) had issued the LOC against the couple as part of their investigation into a serious financial fraud case. The couple had approached the Bombay High Court seeking a temporary suspension of the LOC to enable them to travel abroad. However, the court refused their request, leading Shetty to cancel her trip.

In August, a case was filed against Shilpa Shetty, her husband Raj Kundra, and another individual for allegedly cheating a businessman of over Rs 60 crore.

The complaint, filed by businessman Deepak Kothari, director of Lotus Capital Financial Services Ltd, claims the incidents took place between 2015 and 2023. Kothari alleged that the couple took the money under the pretext of expanding their business but used it for personal expenses instead.

According to Kothari, in 2015, Shetty and Kundra approached him through a mediator seeking a Rs 75 crore loan for their company, Best Deal TV Pvt Ltd, which promoted lifestyle products and ran an online shopping platform. The proposed interest rate was 12 per cent. Later, they reportedly asked him to provide the funds as an "investment" instead of a loan, assuring him of monthly returns and repayment of principal.

Kothari claimed he transferred Rs 31.95 crore in April 2015 under a share subscription agreement, and another Rs 28.53 crore in September 2015 under a supplementary agreement. The total amount was credited to Best Deal TV's bank accounts.

Repeated attempts to recover the funds allegedly failed, and Kothari accused the couple of "dishonestly using" the money for personal benefit. Shilpa and Raj's lawyer, Prashant Patil, has denied the allegations and stated that they will present the "truth" to the investigating agencies.

- ANI

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Reader Comments

R
Rohit P
Rs 60 crore is no small amount! If they're innocent, why try to leave the country? Let the investigation complete properly. Common citizens like us would never get such privileges.
A
Aditya G
I feel bad for Shilpa Shetty's fans who look up to her. This is really disappointing behavior from a celebrity who projects such a clean image. Hope the truth comes out soon.
S
Sarah B
As someone who's been cheated in business deals before, I know how devastating this can be. The businessman must be going through hell. Hope he gets his money back! 💰
M
Michael C
The timing is suspicious - trying to travel abroad when the case is heating up. The court made the correct decision to prevent any potential flight risk.
N
Nisha Z
While I respect the legal process, let's not forget everyone is innocent until proven guilty. However, the LOC was absolutely necessary given the amount involved. Let's wait for the investigation results.

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