Investigation into alleged ₹600 million fraud implicates Shilpa Shetty and Raj Kundra: A Breakdown
In the world of Bollywood and business, a storm is brewing. Actress Shilpa Shetty and her businessman husband Raj Kundra are facing allegations of defrauding a businessman of over ₹0.6 billion.
The couple, along with Bollywood star Akshay Kumar, launched India's first celebrity-driven teleshopping channel, Best Deal TV, back in 2015. The vision behind Best Deal TV was innovative, with celebrities co-owning and selling products they endorsed, focusing on lifestyle, health, fashion, and beauty.
However, the journey of Best Deal TV seems to have taken a turn. Businessman Deepak Kothari, who claims to have lent ₹0.75 billion to Best Deal TV Pvt Ltd, a company linked to the couple, alleges that funds meant for business expansion were instead diverted to personal use by Shilpa Shetty and Raj Kundra. Kothari further claims that he was first approached for the loan in 2015 and that the insolvency proceedings were hidden from him.
The Economic Offences Wing (EOW) of Mumbai Police has issued a Look Out Circular (LOC) against Shilpa Shetty and Raj Kundra in response to the allegations.
Meanwhile, Shilpa Shetty has been making headlines for other reasons as well. She announced the closure of her iconic Bandra restaurant, Bastian, in an Instagram post, stating that it was not a permanent closure but a transition. The CEO of Bastian Hospitality, Ranjit Bindra, clarified that the transition involves the opening of a new South Indian specialty restaurant, Ammakai, in the former Bandra location, and a new Bastian Beach Club on the shores of Juhu, set to open by mid-October.
Shilpa Shetty resigned as director of Best Deal TV in September 2016, following the allegations. Akshay Kumar and Shilpa Shetty had a history but claimed to have put the past behind them for the sake of business. Shilpa Shetty, however, has denied speculation that the closure of Bastian is linked to the fraud case, stating that the brand was expanding with new ventures.
As the investigation continues, the future of Shilpa Shetty and Raj Kundra's business ventures remains uncertain. Actress Sonakshi Sinha was among the first to join Best Deal TV, introducing her own product line. The couple's business endeavours, once promising and innovative, are now shrouded in controversy.
In a twist of events, the closure of Shilpa Shetty's restaurant, Bastian, has brought a new chapter to the story. As the dust settles, it remains to be seen how this saga unfolds.
