Raj Kundra breaks silence on Bombay High Court asking him and Shilpa Shetty to deposit Rs 60 crore for foreign travel

In the latest twist in the ongoing fraud case involving Bollywood actress Shilpa Shetty and her businessman husband Raj Kundra, recent reports claimed that the Bombay High Court had directed the couple to deposit Rs 60 crore before travelling abroad. Raj Kundra has now firmly denied these reports, calling them incorrect and misleading.

Speaking to Hindustan Times, he said, “The court has not directed me to deposit any amount, as incorrectly stated. It has merely asked for details regarding the purpose of travel along with the formal correspondence, to be submitted on the next hearing date, October 14.”

Frustration over repeated misrepresentations

Raj expressed his frustration over what he called “repeated misrepresentations” by the claimant in the case. “I have had enough of the claimant’s repeated misrepresentations, and action is being taken against them as we speak. Many facts will come to light in the coming days. I urge the media to verify facts before publishing misleading information,” he added.

The clarification comes after the couple filed a petition in the high court seeking to quash the Look Out Circular (LOC) issued against them in connection with an FIR alleging a Rs 60 crore fraud. The court has now adjourned the matter until October 14.

The background of the case

The case, under investigation by the Economic Offences Wing (EOW) of Mumbai Police, stems from a complaint filed by Deepak Kothari, a 60-year-old director of Lotus Capital Financial Services. Kothari alleged that between 2015 and 2023, Shilpa and Raj allegedly used his investment money for personal expenses rather than for business purposes.

According to the complaint, Kothari had 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. He later discovered that insolvency proceedings had been initiated against the company over alleged misconduct involving another investor.

The EOW registered a case against Shilpa Shetty, Raj Kundra, and an unidentified associate under Sections 403, 406, and 34 of the IPC, citing dishonest misappropriation of property, criminal breach of trust, and common intention.