Bollywood actress Shilpa Shetty and her husband, businessman Raj Kundra, have cited the 2016 demonetisation as a key factor behind their inability to repay a Rs 60 crore loan in an ongoing fraud investigation. The couple claims the sudden currency restrictions caused significant losses to their now-defunct online retail venture, Best Deal TV Pvt Ltd, affecting business operations.
The Economic Offences Wing (EOW) of Mumbai Police issued Look Out Circulars (LOCs) against Shetty and Kundra on September 5, 2025, after businessman Deepak Kothari alleged that funds provided for business expansion were diverted for personal use. Kundra initially arranged the funds as a loan at 12% interest but later allegedly converted it into an investment to avoid taxation.
The Bombay High Court recently ruled that the couple must deposit Rs 60 crore with the court registry before their request for foreign travel can be considered. The court stressed that leisure trips would not be permitted and asked the couple to provide a detailed affidavit by October 14, 2025, to justify business-related travel.
Investigations into the alleged financial misconduct continue, with authorities scrutinizing the couple’s financial transactions and business dealings.
