Mumbai: ₹60 Cr Vanished: Where Did the Glam Money Go?
A loan dressed as shares. A TV shopping dream that fizzled. Ten years later, the cash trail just lit up like Diwali lights.
Mumbai cops are one WhatsApp forward away from knocking on four old office doors.
Buckle up, this isn’t a movie script; it’s the sequel nobody asked for.
The 2015 Handshake That Still Stings
Deepak Kothari, Juhu-based lender, meets Raj Kundra through a middleman at a five-star café.
Kundra pitches Best Deal TV: “Think QVC, but desi.” Promises 12% returns, monthly payouts, full principal back.
To dodge tax headaches, the ₹75 crore ask becomes “investment.” Kothari wires ₹31.95 cr in April, another ₹28.53 cr in September.
The Fine-Print Twist Nobody Read Aloud
Shilpa Shetty signs personal guarantee in April 2016.
Five months later she quits as director, pockets ₹4 cr celebrity fee.
Company folds in 2017; insolvency bell rings. Kothari smells coffee – cold, bitter, and ₹60.48 cr short.
August 2025: FIR Drops Like a Plot Bomb
Juhu station registers cheating, breach of trust, common intent.
Case hops to Economic Offences Wing.
Lookout Circular slaps both passports, frequent Dubai-LA flyers suddenly grounded.
November 5: Four Summons, One Viral Headline
EOW calls ex-GM, CFO, two senior managers of Best Deal TV.
One already spilled beans last week; the rest queue up this fortnight.
Mission: map every rupee from HDFC account to furniture invoice.
What the Paper Trail Whispers So Far
- ₹20 cr allegedly on office fit-outs (think Italian marble desks).
- ₹15 cr quietly lands in Shilpa’s personal company.
- ₹4 cr celebrity cheques to Bipasha Basu, Neha Dhupia, others.
- Warehouse rent, broadcast slots, Balaji Telefilms – cops want receipts.
Raj Kundra’s Two-Word Defence
“Demonetisation ate us.”
He told cops the 2016 cash ban killed appliance orders, sank the ship.
EOW reply: show us the cancelled POs.
Shilpa’s Silent Yoga Pose
Questioned four hours at home.
“I was just the face on screen, not the brain in the boardroom.”
Court wasn’t buying; asked her to deposit ₹60 cr or turn approver. She withdrew travel plea faster than a sun salutation.
Next Court Popcorn Date
Bombay HC hears LOC challenge mid-November.
Till then, no Phuket vacations, no MrBeast collabs.
One ex-employee’s laptop could rewrite the ending.
Three Life Hacks This Saga Teaches
- Read the share agreement like it’s your prenup.
- Personal guarantees are forever – ask Shilpa.
- When cops say “money trail,” hide nothing; Excel sheets talk louder than PR.
From red-carpet selfies to police-station chai, the Kundra-Shetty rollercoaster just hit the loop-de-loop.
Popcorn ready? The next hearing might serve subpoenas with dessert.