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Bollywood actress Shilpa Shetty and her husband, businessman Raj Kundra, have once again come under the spotlight, this time for a fresh controversy surrounding a multi-crore fraud case. On Friday, the Mumbai Police issued a lookout circular against both Shetty and Kundra. According to the notice, Shetty and Kundra will not be able to leave the country without prior permission.

According to the police complaint filed by Juhu-based businessman Deepak Kothari (60), director of Lotus Capital Finance Services, he came into contact with Raj Kundra and his wife, actress Shilpa Shetty, through an intermediary named Rajesh Arya, an official stated. At the time, Kundra and Shetty were serving as directors of Best Deal TV Private Limited, a home shopping and online retail company. As per the complaint, the couple, through Arya, had approached Kothari seeking a loan of Rs 75 crore. However, in order to avoid higher taxation, the amount was allegedly shown as an investment instead.

As per the complaint, Kothari 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. The total amount was credited to Best Deal TV's bank accounts. However, Kothari alleges that the couple dishonestly used the money for personal benefits, leading to a significant financial dispute.

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After providing a guarantee in April 2016, Shilpa Shetty resigned as director of the company in September 2016. Notably, insolvency proceedings were initiated against the company in 2017 due to defaulting on another agreement. The Economic Offences Wing (EOW) is currently investigating the financial transactions, agreements, and alleged misappropriation of funds.

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Shilpa Shetty and Raj Kundra's lawyer has responded to the allegations, stating that there's no criminality involved and that the investment agreement is purely an equity investment. The lawyer claims that the company has already received a liquidation order, which has been placed before the police department and that their auditors have submitted all necessary supporting documents to the EOW. The couple denies any wrongdoing, describing the case as "baseless and malicious" aimed at maligning their reputation.