Bollywood actress Shilpa Shetty and her husband, Raj Kundra, have been issued a Look Out Circular (LOC), preventing them from leaving India. The move comes amid an ongoing investigation into an alleged ₹60 crore investment fraud, reported by Indian media.
The Economic Offences Wing (EOW) of Mumbai Police has summoned Kundra again for questioning as part of the probe. The couple was charged last month for allegedly cheating businessman Deepak Kothari. The case involves a loan-cum-investment linked to their now-defunct company.
Kothari, the director of Lotus Capital Financial Services, filed the complaint under IPC Sections 403, 406, and 34. He claimed that the couple initially requested the funds at a 12% annual interest. Later, they persuaded him to transfer the amount as an investment to avoid higher taxes. Shetty and Kundra allegedly promised monthly returns and repayment of the principal.
The complaint states that the money was transferred in 2015, before Shetty resigned from the company. Kothari reportedly discovered insolvency proceedings against the firm, which he says indicates the couple misused the funds. According to police reports, the money was allegedly used for personal purposes rather than business activities.
The EOW is examining financial transactions, agreements, and alleged fund misappropriation in detail. The investigation is ongoing, and authorities are reviewing all documents related to the investment.
The lawyer for Shilpa Shetty and Raj Kundra has denied all allegations, calling the claims baseless. The Look Out Circular ensures that the couple cannot leave India without official permission while the investigation continues.
The development has drawn significant attention in India, as the case involves high-profile figures from Bollywood and business. Legal proceedings and police investigations are expected to continue in the coming weeks.
For more details on the government’s crackdown on SIM data misuse, read our full report here: Govt to Arrest Culprits Behind Sale of SIM Data.
