Bombay HC bars Shilpa Shetty, Raj Kundra’s exit without ₹60cr deposit
The Bombay High Court on Wednesday asked actor Shilpa Shetty and her husband Raj Kundra to deposit ₹60 crore before traveling abroad for a family vacation. This order came after the couple approached the court to quash a Look Out Circular (LOC) issued against them. The LOC relates to a First Information Report (FIR) in a case of alleged ₹60 crore fraud, LiveLaw reported.
Meanwhile, the Economic Offences Wing (EOW) of Mumbai Police continues its investigation. The case originated from a complaint filed by Deepak Kothari, a 60-year-old Mumbai-based businessman. Kothari also serves as the director of Lotus Capital Financial Services. He claimed that between 2015 and 2023, Shetty and Kundra misused funds he had provided. Specifically, he alleged that they diverted money meant to expand their business for personal expenses.
Furthermore, Kothari approached the authorities when he noticed irregularities in the accounts. He stated that repeated attempts to resolve the matter privately failed. Consequently, he filed a complaint, which led to the FIR. The EOW then began examining transactions, bank statements, and business records. Investigators also sought cooperation from multiple financial institutions to track the flow of funds.
In court, the couple argued that the LOC unfairly restricted their travel. They requested the high court to cancel the circular so they could go on a family trip. However, the bench emphasized that the investigation remains ongoing. Therefore, the court directed them to first deposit ₹60 crore as a security measure. The judges noted that the deposit would ensure compliance with legal procedures while allowing the couple some flexibility.
Meanwhile, legal experts explained that the LOC prevents individuals from leaving India during an investigation. Typically, the authorities issue such circulars when the accused may evade inquiry. In this case, the court balanced the couple’s travel request with the need for effective investigation. Hence, the deposit serves as a safeguard.
Additionally, the case has drawn significant media attention. Many outlets highlighted the alleged misuse of investor funds. Social media platforms have also sparked debates about celebrity accountability and financial ethics. Observers noted that the matter underscores the importance of transparency in business dealings.
Moreover, the couple faces scrutiny beyond just the LOC. The EOW continues to probe whether additional transactions violate legal norms. Investigators may also summon other individuals linked to the alleged fund diversion. Meanwhile, Shetty and Kundra maintain that they acted within the law. Their lawyers insist that they will cooperate fully with authorities.
In conclusion, the Bombay High Court’s order requires the couple to deposit ₹60 crore before traveling abroad. At the same time, the investigation by the EOW proceeds steadily. Kothari’s complaint and the subsequent FIR remain central to the inquiry. The case illustrates how courts balance individual rights with ongoing investigations. As the legal process unfolds, all parties await further hearings and decisions.
