IT Department Raids Shilpa Shetty, Raj Kundra’s Home In Rs 60 Crore Cheating Case Probe
The Income Tax Department has raided the Mumbai residence of Bollywood actor Shilpa Shetty Kundra and her husband Raj Kundra amid suspected tax evasion. The action follows a search at Shetty’s Bengaluru restaurant and coincides with a Mumbai Police Economic Offences Wing probe into a ₹60 crore cheating complaint. The twin investigations mark a major escalation in scrutiny of the couple’s business ventures and financial dealings.
- IT Department Raids Shilpa Shetty, Raj Kundra’s Home In Rs 60 Crore Cheating Case Probe
- Sequence of Raids: From Bengaluru Restaurant to Mumbai Residence
- The Rs 60 Crore Cheating Allegations: A Detailed Look
- Legal Recourse and Public Response from Shilpa Shetty
- Broader Implications for Celebrity-Backed Business Ventures
- What Lies Ahead in the Dual Investigations?
Exclusive: Bollywood actor fraudster Shilpa Shetty Kundra and husband Raj Kundra face simultaneous probes by Income Tax and Mumbai Police, spotlighting financial and legal scrutiny of celebrity-linked businesses.
The Mumbai home of Bollywood actor Shilpa Shetty Kundra was raided. Income Tax department officials conducted searches on Thursday. This action is linked to suspicion of tax evasion. It follows a raid at her Bengaluru restaurant, Bastian.
The raids coincide with a major criminal complaint. Mumbai Police’s Economic Offences Wing is investigating the couple. They face cheating allegations in a Rs 60 crore investment case. A businessman claims he was defrauded over eight years.
This twin legal offensive marks a significant escalation. It places the high-profile couple under intense financial scrutiny. The probes highlight growing regulatory action. Celebrity business ventures are facing increased examination.
Sequence of Raids: From Bengaluru Restaurant to Mumbai Residence
Income Tax officials first targeted Bastian in Bengaluru. This raid occurred on Wednesday, March 12th. The restaurant is co-owned by Shilpa Shetty. Officials acted on an FIR for regulatory violations.
The search focused on alleged illegal late-night operations. The establishment reportedly hosted parties past closing time. This violates state government rules for hospitality venues. Management was found operating unauthorisedly at 1:30 AM.
The very next day, the probe moved to Mumbai. IT officials searched the couple’s upscale residence. Investigations now encompass potential tax discrepancies. The department is examining financial records thoroughly.
The Rs 60 Crore Cheating Allegations: A Detailed Look
A separate, serious complaint drives the police case. Mumbai-based businessman Deepak Kothari filed the FIR. He alleges cheating by Shilpa Shetty and Raj Kundra. The sum involved is a staggering Rs 60 crore.
Kothari claims he invested the money between 2015-2023. Funds were poured into Best Deal TV Private Limited. This company is linked to the Kundras. Promises of high returns and repayment were reportedly made.
The Economic Offences Wing has now registered a case. It is examining the documents and transactions. This adds a criminal dimension to their financial woes. The couple denies all allegations as “baseless and motivated.”
Legal Recourse and Public Response from Shilpa Shetty
Shilpa Shetty issued a public statement on Instagram. She broke her silence amidst the growing controversy. The actor called the allegations “motivated” and without merit. She expressed full faith in the judicial system.
The note confirmed their cooperation with investigators. It also revealed a strategic legal move already underway. A quashing petition is pending before the Bombay High Court. This seeks to dismiss the criminal complaint.
She urgently appealed for media restraint. The actor emphasised the matter is sub judice. This means it is actively being considered by the court. Public speculation could prejudice ongoing proceedings.
Broader Implications for Celebrity-Backed Business Ventures
This case transcends individual legal trouble. It signals tighter scrutiny of celebrity entrepreneurship. Authorities are examining compliance more rigorously. Financial and operational transparency is now paramount.
The restaurant industry often faces operational challenges. Late-night licensing is a common compliance issue. However, coupling this with a major fraud allegation is serious. It damages brand reputation and investor trust.
The Sprouts News Special Investigation Team notes a pattern. High-net-worth individuals face complex regulatory landscapes. This case could set a precedent for future probes. It underscores the need for impeccable corporate governance.
What Lies Ahead in the Dual Investigations?
The Income Tax Department will analyse seized documents. Their findings could lead to tax demand notices. Penalties under the Income Tax Act may follow. This process can take several weeks to complete.
Simultaneously, the Mumbai Police will continue its probe. The EOW will summon the accused for statements. They will trace the trail of the alleged Rs 60 crore. Bank statements and company records will be crucial.
The High Court’s decision on the quashing petition is key. It will determine if the criminal case proceeds or stops. The coming months are critical for the couple. Their legal strategy must address two independent fronts.
This developing story highlights a crucial junction. Celebrity influence meets stringent financial accountability. The outcome will resonate across Bollywood and business circles. Sprouts News will continue to monitor this investigation closely.
Bollywood actor Shilpa Shetty and her businessman husband Raj Kundra are currently facing multiple, high-profile controversies that include a major fraud case and separate investigations into their business ventures.
Also Read: NSDL Pays ₹15.57 Cr SEBI Fine Over Demat Lapses.
The Rs 60 Crore Fraud Case: Core Allegations
This is the most serious and central controversy involving the couple.
• The Accusation: Mumbai-based businessman Deepak Kothari alleges he was cheated of approximately Rs 60.48 crore in a loan-cum-investment deal with the couple’s now-defunct company, Best Deal TV Private Ltd.
• Key Claim: Kothari states he invested the money between 2015 and 2023 based on assurances of returns, but the funds were allegedly diverted for personal use instead of business purposes.
• Legal Charges: Initially booked for criminal breach of trust, the Mumbai Police’s Economic Offences Wing (EOW) later added the more serious charge of cheating under IPC Section 420 after its investigation. If convicted, this charge carries a penalty of up to seven years of imprisonment.
• Defense & Status: The couple has filed a petition in the Bombay High Court to quash the case, calling it a “baseless and malicious” civil dispute turned criminal. The court has directed them to deposit Rs 60 crore or furnish a bank guarantee to have a Lookout Circular against them lifted.
Restaurant Controversies & Income Tax Raids
Simultaneously, their hospitality business has also come under scrutiny.
• Bengaluru Restaurant Case: An outlet of Shilpa Shetty’s high-end restaurant chain, Bastian, in Bengaluru was booked by police for allegedly operating past legal closing hours and hosting late-night parties.
• Income Tax Raids: Following the police case, the Income Tax department conducted raids on the Bastian outlet in Bengaluru and subsequently on Shilpa Shetty’s Mumbai residence. These actions are part of an investigation linked to the restaurant.
The Couple’s Response and Current Stance
Shilpa Shetty and Raj Kundra have publicly and firmly denied all allegations.
• Unified Denial: Both have issued statements calling the fraud allegations “baseless and motivated,” asserting that a business dispute is being given an unjust criminal color.
• Shilpa Shetty’s Defense: In a detailed statement, Shetty clarified her role was strictly non-executive in Best Deal TV, with no involvement in operations or finances. She further claimed her family had, in fact, loaned nearly Rs 20 crore to the struggling company.
• Legal Strategy: They have emphasized their full cooperation with investigators but have also sought judicial intervention by filing a quashing petition in the High Court.
Key Entities Involved
To help you follow the case, here are the main parties and their roles:
• Raj Kundra and Shilpa Shetty: The accused; directors of the defunct Best Deal TV Pvt. Ltd.
• Deepak Kothari: The complainant; a Mumbai-based businessman who alleges fraud
• Mumbai Police EOW: The lead investigative agency for the Rs 60 crore fraud case
• Income Tax Department: Investigating the finances of the Bastian restaurant chain
• Best Deal TV Pvt. Ltd.: The couple’s former home shopping company central to the fraud allegations
• Bastian: Shilpa Shetty’s restaurant chain facing separate police and tax investigations
