The Bombay High Court has directed actress Shilpa Shetty and her husband, businessman Raj Kundra to deposit Rs 60 crore or provide continuous bank guarantee from a nationalized bank before it will consider lifting the Look Out Circular (LOC) restricting their travel abroad. The order came during the hearing of Kundra’s urgent plea to fly to London for his ailing father, who is undergoing critical medical treatment. A bench of Justices AS Gadkari and RR Bhosle stressed the need to demonstrate goodwill amid doubts about his return to India.
Bombay HC asks Shilpa Shetty, Raj Kundra to deposit Rs 60 crore for travel and LOC relief
The LOC arises from a Rs 60.48 crore fraud complaint filed by Deepak Kothari, director of UY Industries Pvt Ltd, alleging that the couple induced him to invest in their now-defunct Best Deals TV Pvt Ltd between 2015 and 2023. Kothari claims that the funds provided as loans with Shetty’s personal guarantee were misused amid huge business losses, with no recovery despite repeated demands. The Economic Offenses Wing (EOW) of Mumbai Police is investigating and issuing LOC to ensure the availability of the couple.​
Senior advocate Abad Ponda, representing the couple, argued against depositing the entire amount, suggested surety or a suitable alternative and stressed the medical urgency of the journey with a firm return commitment. The bench rejected partial measures, insisted on the entire amount through deposits or bank guarantees, and scheduled further directions for next week. The couple denied being criminal, calling the case malicious and aimed at extortion by tarnishing their reputation.
Best Deal TV, launched in 2015 with the backing of Shetty and former partner Akshay Kumar, collapsed after burning Rs 100 crore in 18 months, leading to allegations of fund diversion for personal expenses or related entities. No arrests have been made, but earlier pleas for quashing of FIR or LOC relief were rejected without repayment. The case highlights the increasing scrutiny on business failures of celebrity-backed ventures after demonetisation.
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