Rs 60-Crore Cheating Case: Lookout Circular issued against Shilpa Shetty, hubby Raj Kundra

Mumbai: The Mumbai police have issued a Lookout Circular (LOC) against Bollywood actor Shilpa Shetty and her businessman husband Raj Kundra in connection with a Rs 60 crore cheating case, officials said on Friday. The LOC was issued by the Economic Offences Wing (EOW) of the city police as the couple makes frequent international trips, an official said.

The case was registered against the actor and her husband at Juhu police station on August 14 for allegedly duping a businessman of nearly Rs 60 crore in a loan-cum-investment deal, he said. A Lookout Circular is a mechanism used to prevent a person from leaving the country or to track their movements, typically by issuing an alert to immigration and border control points. The case was later transferred to the EOW for investigation.

Sixty-year-old businessman Deepak Kothari, a resident of Juhu, had lodged a complaint in this connection, the official said. Kothari is a director of a non-banking financial company (NBFC) named Lotus Capital Finance Services.

According to the complainant, he came in contact with Kundra and his actor wife through one Rajesh Arya.

Kundra and Shetty were directors of Best Deal TV Private Limited, a home shopping and online retail platform.

Through Arya, they sought a loan of Rs 75 crore, but to avoid higher taxation, they showed it as an investment.

They also promised monthly returns and repayment of the principal amount, the official said.