The Bombay High Court has directed Shilpa Shetty and Raj Kundra to deposit ₹60 crore or provide a continuous bank guarantee before their London travel request is considered. The order comes amid an ongoing ₹60 crore fraud investigation.
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MUMBAI: The Bombay High Court took a firm stance against Bollywood actor Shilpa Shetty and businessman Raj Kundra, directing them to deposit ₹60 crore or furnish a continuous bank guarantee before their request to travel to London can be considered. The directive comes amid an ongoing investigation into an alleged ₹60 crore investment fraud case.
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Shetty and Kundra moved the court seeking temporary relief from a Lookout Circular (LOC) issued against them. Their plea highlighted an urgent family situation, stating that they needed to visit Kundra’s father in London, who is undergoing serious medical treatment.
The plea emphasised the nature of the visit, asserting:
“This is not a leisure trip, and the applicants undertake that they will only visit the father of Kundra and come back to India as scheduled, if permitted.”
A bench of Justices A.S. Gadkari and R.R. Bhonsale heard the matter and expressed doubts about the couple’s credibility.
Senior Advocate Abad Ponda, appearing for Shetty and Kundra, argued against the demand for a full deposit, stating:
“There is no law under which the couple should be directed to deposit the entire amount.”
But the bench disagreed, responding that the court was not convinced the couple would return if allowed to travel:
“They are not satisfied with the bona fides of the Applicants and there is no guarantee that the Applicants will return to India. Therefore, the Applicants must deposit the amount in court.”
Ponda suggested that the couple be allowed to offer alternate forms of security, such as surety, but the bench insisted:
“Furnish continuous bank guarantees of a nationalised bank to show their bonafides.”
When Ponda requested that the amount at least be made reasonable, the judges declined:
“The bank guarantee has to be on the full amount and on a continuous basis.”
Complaint Behind the LOC
The LOC was issued after Deepak Kothari, Director of UY Industries Pvt. Ltd., accused the couple of inducing him to invest ₹60.48 crore in their former company, Best Deal TV Pvt. Ltd., between 2015 and 2023. Kothari claims the amount was structured as a loan supported by a personal guarantee from Shetty, and that the business later collapsed, causing heavy losses.
Shetty & Kundra Allege Extortion and Malicious Intent
The couple argued before the court that the criminal proceedings were launched with ulterior motives. Their petition stated that the case was:
“Maliciously instituted with an ulterior motive for wreaking vengeance on the petitioner and with a view to extorting money.”
They further alleged that the complainant’s objective was:
“Harassing them and coercing them into paying back the investment amount by tarnishing their image and goodwill before the public and the media.”
What is a Lookout Circular (LOC)?
An LOC is a notice issued by investigative agencies to the Immigration Bureau to restrict or monitor the foreign travel of individuals under investigation. It prevents accused or suspects from leaving the country without permission.
Ponda informed the court that he will seek further instructions regarding the bank guarantee and return next week.
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