Cheating case: ‘Malicious attempt to defame my clients’, says Shilpa Shetty, Raj Kundra’s advocate

New Delhi: Soon after Bollywood actor Shilpa Shetty Kundra and her businessman husband Raj Kundra were booked in connection with the Rs 60.4 crore cheating case, their advocate, Prashant Patil, on Thursday issued a statement calling the case “baseless” and said it is aimed at maligning the reputation of his clients.

The case, linked to a now-defunct company Best Deal TV Pvt Ltd, involves a complaint by Mumbai-based businessman Deepak Kothari, who has accused the couple of defrauding him of over Rs 60 crore in a loan-cum-investment deal between 2015 and 2023.

Responding to media reports, Advocate Prashant Patil released a statement and said, “My clients have been informed by certain segments of electronic and print media that an alleged case has been registered against them at the Economic Offences Wing, Mumbai. At the outset, my clients deny all the allegations, which are purely civil in nature and have already been adjudicated by the NCLT Mumbai on 04/10/2024.”

Calling it an old business transaction that turned into a legal matter after financial distress, Patil added: “There is no criminality involved. Our auditors have submitted all necessary supporting documents from time to time, as requested by the EOW, including detailed cash flow statements.”

He further clarified that the investment agreement in question was like an equity investment, and the company had already received a liquidation order, which was also presented to the Police Department.

“The concerned chartered accountants have visited the police station more than 15 times over the past year, with all evidence supporting our clients’ claims. This is nothing but a baseless and malicious case aimed at maligning our clients, and appropriate legal action is being initiated from our side against the perpetrators,” Patil stated.

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

He said that Rajesh Arya had introduced him to the celebrity couple, who at the time were the directors of Best Deal TV Pvt Ltd, a home shopping and online retail company in which the couple reportedly held a combined 87.6 per cent stake.

Initially, the complaint was filed at Juhu Police Station under sections related to cheating and forgery. However, given the financial scale of the case, exceeding Rs 10 crore, the investigation was transferred to the EOW following a preliminary inquiry.

Kothari claimed that the accused initially sought a loan of Rs 75 crore at 12 per cent interest but later urged him to structure it as an investment to avoid higher tax liability. In return, they allegedly promised monthly returns along with repayment of the principal amount.

IANS