Shilpa Shetty and Raj Kundra Face Travel Ban Amid INR 60 Crore Investment Fraud Probe
Mumbai – Actor-entrepreneur Shilpa Shetty and her businessman husband Raj Kundra have been issued a Look-Out Circular (LOC), preventing them from traveling abroad without official clearance, as authorities continue to investigate a high-profile investment fraud case, Indian media reported.
The Economic Offences Wing (EOW) of the Mumbai Police has also summoned Kundra again for questioning in connection with the case.
Last month, the couple was charged by the EOW for allegedly cheating businessman Deepak Kothari of over INR 60 crore through a loan-cum-investment scheme linked to their now-defunct company.
Kothari, director of Lotus Capital Financial Services, filed the complaint under sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust), and 34 (common intention) of the Indian Penal Code. He claimed that the couple initially sought the funds at a 12% annual interest but later persuaded him to transfer the money as an investment to avoid higher taxes, promising monthly returns and repayment of the principal.
The funds, reportedly transferred in 2015 before Shetty resigned from the company, were allegedly diverted for personal use. Kothari also discovered insolvency proceedings against the company involving another investor.
The EOW is now examining financial records, agreements, and alleged misappropriation of funds as part of its ongoing investigation.
Meanwhile, the Kundras’ legal team has strongly denied the allegation
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