Court denies request to suspend Look Out Circular against the celebrity couple
The Bombay High Court on Wednesday directed actor Shilpa Shetty and her husband, businessman Raj Kundra, to deposit ₹60 crore if they wish to travel to Los Angeles or any other foreign destination. The court also declined to suspend the Look Out Circular (LOC) issued against the couple in connection with an alleged ₹60 crore fraud case.
The order came while hearing a plea filed by Shetty and Kundra seeking the quashing of the LOC issued by the Economic Offences Wing (EOW) of the Mumbai Police. The bench adjourned the matter to October 14, according to LiveLaw.
The case stems from a complaint filed by Deepak Kothari, a 60-year-old businessman and director of Lotus Capital Financial Services. In his complaint, Kothari alleged that between 2015 and 2023, Shetty and Kundra diverted funds he had provided to expand their business for personal use.
According to the complaint, the couple, through a mediator, had approached Kothari in 2015 seeking a ₹75 crore loan for their company, Best Deal TV Pvt Ltd — a television and online shopping platform dealing in lifestyle products. Kothari claimed that despite assurances, the money was not utilised for the intended business purposes.
Following a preliminary inquiry, the EOW concluded that Kothari’s funds had been misused. Subsequently, a case was registered against Shetty, Kundra, and another unidentified associate under sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention) of the Indian Penal Code (IPC).
Shetty and Kundra’s lawyer, Prashant Patil, denied all allegations, saying the couple would present “our truth” before the investigating agencies.
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