For over two decades, Raj Kundra and Shilpa Shetty have remained among Bollywood’s most recognisable celebrity-business couples. While Shetty built a career as one of Hindi cinema’s leading actresses, Kundra cultivated the image of an entrepreneur with interests spanning sports, entertainment, digital media and investments. Together, they became familiar faces at film premieres, business events, IPL matches and television appearances.

Away from the public spotlight, however, another timeline was unfolding.

Since 2013, Raj Kundra’s name has appeared in a series of investigations involving betting, investment schemes, cryptocurrency transactions, alleged financial fraud and digital content businesses.

Some of these matters resulted in regulatory findings or court-directed action, while others remain under investigation or are yet to reach final judicial conclusions. In several of these cases, Shilpa Shetty’s name has also surfaced owing to her role as a director, shareholder or business associate in companies linked to the ventures under scrutiny.

Viewed individually, each case has attracted extensive media attention. Yet taken together, they reveal something far less discussed – a legal chronology stretching across nearly two decades, involving multiple investigative agencies, courts and regulators.

The timeline begins in 2013 with the IPL betting and spot-fixing scandal – a case that marked the first major regulatory finding against Raj Kundra and laid the foundation for the legal scrutiny that would follow.

2013. The IPL Betting And Spot-Fixing Case That Put Raj Kundra Under The Spotlight

For Raj Kundra, the first major legal and regulatory challenge arrived in 2013, when Indian cricket was rocked by the IPL betting and spot-fixing scandal. At the time, Kundra and Shilpa Shetty were among the co-owners of the Rajasthan Royals franchise, having acquired a stake in the team in 2008. The couple collectively held around 11.7% of the franchise, placing Kundra among the prominent faces associated with one of the IPL’s founding teams.

The controversy began after Delhi Police arrested Rajasthan Royals players S. Sreesanth, Ajit Chandila and Ankeet Chavan on allegations of spot-fixing. As investigators widened the scope of the probe, attention shifted beyond the players to individuals associated with the franchise, including its owners. Delhi Police questioned Raj Kundra over allegations that he had placed bets on IPL matches involving his own team through a bookmaker.

Given the seriousness of the allegations, the Supreme Court stepped in. In October 2013, it constituted the Justice Mukul Mudgal Committee to examine the betting and spot-fixing allegations. After reviewing the material placed before it, the committee’s findings concluded that Raj Kundra and Gurunath Meiyappan had been involved in betting activities linked to the IPL.

The matter did not end there. In January 2015, the Supreme Court appointed another panel, headed by former Chief Justice R.M. Lodha, to determine the sanctions arising from the Mudgal Committee’s findings. Six months later, the Lodha Committee barred Raj Kundra and Gurunath Meiyappan from all cricket-related activities for life. The committee also suspended the Rajasthan Royals and Chennai Super Kings franchises from the IPL for two seasons.

Raj Kundra, however, consistently disputed the findings. He maintained that he had been treated unfairly, argued that the evidence relied upon had never been shown to him, and later said he had effectively been made a scapegoat because he was only a minority shareholder in the franchise. During the course of the proceedings, his then-business associate Umesh Goenka also alleged that his statement had been obtained under coercion. Despite those claims, the findings recorded by the Supreme Court-appointed committee remained unchanged and formed the basis for the sanctions imposed by the Lodha Committee.

Publicly, Kundra announced in 2015 that he was walking away from cricket in India. Yet years later, in a podcast interview, he said he hoped to eventually regain his ownership stake in Rajasthan Royals, illustrating that the dispute over his role in the franchise had not entirely faded from public discussion.

While the IPL case marked the first major regulatory action against Raj Kundra, it would not remain the only controversy surrounding his business interests. Even as the betting investigation was unfolding, another venture involving Kundra and Shilpa Shetty was beginning to attract attention – in the gold investment business.

From Cricket To Commerce: The Satyug Gold Scheme

Even as the IPL betting controversy continued to dominate headlines, another business venture linked to Raj Kundra and Shilpa Shetty was beginning to attract scrutiny.

In 2013, the couple served as directors of Mumbai-based Avyaan Gems & Jewellery Pvt. Ltd., a company that would go on to launch the Satyug Gold Scheme the following year.

The investment programme was marketed as an opportunity for buyers to purchase gold at prevailing market prices while becoming eligible for increasing discounts over a fixed period. Investors were issued what the company described as a “Satyug Gold Card” and were promised delivery of physical gold upon maturity, with discounts ranging from 15% after two years to as much as 37% after five years.

Unlike a conventional gold savings plan offered by banks or jewellers, the scheme relied heavily on the public profile of its promoters. Raj Kundra’s business credentials and Shilpa Shetty’s celebrity appeal featured prominently in the company’s marketing, helping position the investment as both credible and aspirational. The obvious question, however, was whether that credibility translated into confidence among investors and, if so, what happened when the promised returns failed to materialise?

Those questions began surfacing in 2019, when investors alleged that the commitments made under the scheme had not been honoured.

One of the first complainants was businessman Sachin Joshi, who alleged that he had purchased one kilogram of gold worth approximately ₹18.5 lakh under the five-year plan. According to his complaint, the gold was due for delivery in March 2019. Instead, he claimed he received neither the promised gold nor a refund. When he attempted to approach the company’s office, he alleged that it was no longer operational, prompting him to file a cheating complaint against Raj Kundra and Shilpa Shetty. Joshi further claimed that the value of his investment had appreciated significantly during the intervening years, increasing the extent of his alleged losses.

Another investor, Prithviraj Kothari, also approached the authorities, alleging that he had invested more than ₹90 lakh under the scheme and was promised five kilograms of 24-carat gold upon maturity. According to the complaint, the delivery never took place. While reports indicate that Sachin Joshi succeeded in obtaining legal relief in his case, proceedings involving Kothari have reportedly remained pending.

The company behind the scheme was subsequently declared bankrupt and dissolved. However, questions surrounding the investment programme did not disappear with the company itself. They instead became another entry in an expanding list of legal disputes involving businesses associated with Raj Kundra and Shilpa Shetty. Throughout the matter, Shilpa Shetty maintained that she had no knowledge of the alleged irregularities linked to the scheme.

By this point, two separate controversies (one arising from professional cricket and another from a gold investment venture) had already placed businesses linked to the couple under scrutiny. Yet an even larger financial dispute was beginning to emerge. 

The ₹60 Crore Best Deal TV Dispute

If the IPL betting case centred on sport and the Satyug Gold controversy revolved around investor complaints, the next major dispute involving Raj Kundra and Shilpa Shetty shifted squarely into corporate finance.

In 2015, the couple launched Best Deal TV Pvt. Ltd., a television shopping venture in which they collectively held an overwhelming majority stake of nearly 89%. The business was positioned as an e-commerce and television retail platform, with Kundra and Shetty serving not only as its public faces but also as directors of the company.

The dispute that followed did not arise from retail operations. Instead, it stemmed from a financing arrangement that would later become the subject of criminal complaints and regulatory scrutiny.

According to complaints filed before investigating authorities, Deepak Kothari, Director of NBC Lotus Financial Capital, was introduced to Raj Kundra through businessman Rajesh Arya. Kothari alleged that he was persuaded to provide funding worth ₹75 crore to Best Deal TV. Rather than being structured as a conventional loan, the transaction was allegedly presented as an investment, with assurances that regular returns would be paid before the principal amount was eventually settled.

Financial records cited in the complaints indicate that between April 2015 and March 2016, funds amounting to more than ₹90 crore were transferred to the company in two tranches. In April 2016, Shilpa Shetty is also stated to have executed a personal guarantee in favour of the complainant, a document that would later feature prominently in the dispute.

The relationship between the parties, however, soon began to unravel.

In September 2016, Shilpa Shetty resigned as a director of Best Deal TV. Around the same period, the company entered insolvency proceedings. Deepak Kothari later alleged that he had never been informed that insolvency proceedings had either commenced or were imminent at the time the investment was made. That allegation became one of the central questions surrounding the dispute: what did investors know about the company’s financial condition when the funds were raised?

For several years, the dispute remained largely a recovery battle. According to the complaint, repeated efforts were made to recover the money between 2017 and 2023. Raj Kundra, in his response to investigators, reportedly attributed the company’s financial collapse to the impact of demonetisation, arguing that the business had suffered losses severe enough to force the sale of company assets. His legal team also maintained that the disagreement was essentially civil in nature rather than a criminal offence.

The matter took a significant turn in 2025.

An FIR alleging cheating was registered, following which the case was transferred to Mumbai Police’s Economic Offences Wing (EOW) because of the amount involved. As the investigation progressed, the EOW concluded that there appeared to be sufficient grounds to continue examining allegations of financial fraud. Investigators also alleged that Raj Kundra and Shilpa Shetty had not fully cooperated with the probe, leading to the issuance of a Look-Out Circular and restrictions on their foreign travel.

The dispute subsequently reached the Bombay High Court. In October 2025, the court declined the couple’s request to travel abroad while proceedings were ongoing. Later developments also saw additional cheating provisions invoked, while the complainant’s legal team indicated that it would pursue proceedings before the Enforcement Directorate under the Prevention of Money Laundering Act. Raj Kundra and Shilpa Shetty have denied wrongdoing and have continued to argue that the dispute should be treated as a commercial disagreement rather than a criminal case. As of now, the proceedings remain pending.

By this stage, the chronology had expanded well beyond cricket or investment schemes. The legal scrutiny now involved corporate financing, insolvency, criminal complaints, the Economic Offences Wing and proceedings before the High Court. Yet another investigation – this time centred on cryptocurrency and alleged money laundering – was already beginning to draw Raj Kundra into the spotlight once again.

The HotShots Investigation And Raj Kundra’s Arrest

By 2021, Raj Kundra’s name had already appeared in investigations linked to cricket, investment schemes and financial disputes. But it was the HotShots investigation that brought the most intense public and legal scrutiny of his career.

Unlike the earlier cases, this investigation was driven by an extensive criminal probe involving the Mumbai Crime Branch, later followed by proceedings under the Enforcement Directorate. Over the years, investigators cited digital evidence, witness statements, financial records and a detailed charge sheet running into nearly 1,500 pages. It remains one of the most extensively documented criminal cases involving Kundra.

According to investigators, the origins of the case lay in a digital content business rather than the HotShots application itself.

In 2019, Raj Kundra invested in ArmsPrime Media, a celebrity-content platform that offered exclusive subscription-based material featuring actors and influencers. One of its earliest collaborations was with actor-model Poonam Pandey. However, the relationship between the platform and Pandey soon deteriorated. While the company maintained that her content had violated platform policies and affected the application’s operations, Pandey alleged that she had not received payments due under the arrangement. Raj Kundra, for his part, maintained that he had already exited ArmsPrime and had sold his shareholding before the dispute escalated.

Investigators, however, alleged that the business subsequently evolved into another platform known as HotShots.

According to the investigation, ArmsPrime Media was acquired by Kenrin Ltd, a company registered in the United Kingdom and headed by Raj Kundra’s brother-in-law, Pradeep Bakshi. Investigators alleged that HotShots was subsequently operated through this corporate structure, a finding that later became part of the Mumbai Crime Branch’s case.

The investigation gathered momentum in 2020 after an internal email relating to content production surfaced publicly. Investigators alleged that the communication contained detailed production instructions, including explicit content requirements and payment terms for performers. While the email itself did not trigger immediate police action, it later became part of the broader body of material examined during the investigation.

The turning point came in February 2021.

Mumbai Police raided premises allegedly linked to the production of content for the platform. According to investigators, they recovered evidence suggesting that a large number of adult videos had been produced and distributed through the application. The raid was followed by complaints from several women, who alleged that they had been approached to participate in productions under false or misleading representations. These developments ultimately led to the registration of an FIR by the Mumbai Crime Branch.

Over the following months, several individuals connected with the alleged operation were arrested. On the night of 19 July 2021, Mumbai Police arrested Raj Kundra from his Mumbai residence. Then Mumbai Police Commissioner Hemant Nagrale publicly described Kundra as a key conspirator in the alleged racket. Around the same time, Ryan Thorpe, identified as Kundra’s IT head, was also taken into custody as part of the investigation.

As the investigation progressed, police said they recovered a substantial volume of digital evidence. This included WhatsApp conversations, electronic devices, video files and financial records. Investigators alleged that Raj Kundra administered a WhatsApp group through which aspects of content production and monetisation were coordinated. They also claimed to have recovered dozens of video clips and conversations discussing the commercial sale of digital content. These findings later formed a significant part of the prosecution’s case.

In September 2021, the Mumbai Crime Branch filed a charge sheet spanning approximately 1,500 pages, naming multiple accused and relying on 44 witnesses, six of whom recorded statements before a magistrate. The charge sheet also referred to Pradeep Bakshi as a co-accused in the investigation. Shilpa Shetty’s name appeared during the investigation because of her association with businesses linked to Kundra, although she maintained that she had no involvement in the day-to-day operations of the companies under scrutiny and no knowledge of the alleged activities.

Raj Kundra spent approximately 63 days in Mumbai’s Arthur Road Jail before being granted bail in September 2021. The grant of bail did not conclude the proceedings. The Mumbai Crime Branch case continues, while a parallel money laundering investigation by the Enforcement Directorate remains underway. Throughout the proceedings, Raj Kundra has denied wrongdoing, maintaining that the content in question did not amount to pornography and that he had been wrongly implicated in the case.

For Raj Kundra, the HotShots investigation became more than another legal case. It marked the first time he was arrested, spent time in judicial custody and faced parallel investigations by multiple agencies. Yet even as those proceedings continued, another Enforcement Directorate investigation (linked to cryptocurrency transactions and alleged money laundering) was unfolding alongside it.

The GainBitcoin Investigation And The Money Laundering Probe

While the HotShots investigation was unfolding, Raj Kundra’s name also surfaced in a separate Enforcement Directorate investigation linked to one of India’s largest alleged cryptocurrency investment frauds.

Unlike the previous cases, this investigation did not centre on a business directly promoted by Kundra. Instead, it focused on whether cryptocurrency assets allegedly linked to the GainBitcoin scheme had been transferred to him as part of a separate commercial arrangement. The proceedings remain under the Prevention of Money Laundering Act (PMLA).

According to the Enforcement Directorate, the GainBitcoin scheme was launched in 2014 as a cryptocurrency-based investment programme that promised investors monthly returns in Bitcoin. Investigators have alleged that thousands of investors were enrolled before the operation eventually came under scrutiny, with the agency estimating the suspected fraud to be worth as much as ₹6,600 crore.

Raj Kundra entered the investigation after the Enforcement Directorate alleged that 285 Bitcoins connected to the scheme had been transferred to him by promoters Vivek and Amit Bhardwaj. According to investigators, the cryptocurrency was intended for the establishment of a Bitcoin mining operation in Ukraine.

Whether those Bitcoins remained under Kundra’s ownership, and the precise nature of the transaction, has since become one of the central issues in the case.

The investigation expanded over the following years. In 2019, the Enforcement Directorate filed its first prosecution complaint before the PMLA Court. It later attached properties worth nearly ₹100 crore belonging to Raj Kundra, alleging that the assets were linked to proceeds of crime arising from the investigation. The agency further claimed that the value of the 285 Bitcoins had appreciated to more than ₹150 crore.

In 2024, the investigation took another turn when the Enforcement Directorate issued eviction notices relating to properties in Mumbai and Pune linked to Raj Kundra and Shilpa Shetty. The couple challenged the action before the Bombay High Court, arguing through their legal representatives that the agency’s action was unjustified and seeking protection against the proposed dispossession.

The matter continued to evolve in 2025. A fresh Enforcement Directorate charge sheet alleged that Raj Kundra was the beneficial owner of the 285 Bitcoins under investigation. The agency also claimed that it had recovered documentary agreements relating to the cryptocurrency transactions and alleged that Kundra had failed to produce records tracing the movement of the digital assets. According to the investigation, Kundra stated that the relevant information had been stored on a damaged mobile phone and could therefore not be produced.

Raj Kundra has denied any wrongdoing in the matter. His position has consistently been that he was not the beneficial owner of the cryptocurrency and that his role has been misunderstood. The central question before investigators therefore remains unchanged: was Raj Kundra the owner of the disputed Bitcoins, or was he merely an intermediary in a wider transaction? That issue continues to be examined under the ongoing PMLA proceedings, with attached assets and related litigation still before the courts.

By this point, the chronology had extended across cricket, investment schemes, corporate finance, digital content platforms and cryptocurrency investigations. Some proceedings had resulted in regulatory findings, others remained under active investigation, and several had yet to reach trial or final adjudication. Together, they formed a legal timeline spanning more than two decades.

Where Do The Cases Stand Today?

Taken individually, each of these cases has followed a different legal trajectory. Some have resulted in regulatory findings and sanctions, others have progressed into criminal investigations, while several remain before investigative agencies and courts. Together, they illustrate how legal proceedings involving Raj Kundra and businesses associated with him have continued across multiple jurisdictions and enforcement agencies for more than two decades.

• The IPL betting and spot-fixing case remains the only matter in which a Supreme Court-appointed committee returned findings against Raj Kundra that resulted in regulatory sanctions. Based on the recommendations of the Justice R.M. Lodha Committee, Kundra was barred from cricket-related activities, while Rajasthan Royals and Chennai Super Kings were suspended from the IPL for two seasons. Raj Kundra has consistently disputed those findings and maintained that he was treated unfairly.
• The Satyug Gold Scheme resulted in multiple investor complaints alleging that promised gold deliveries never materialised. While reports indicate that one complainant secured legal relief, other proceedings have remained pending. The company behind the scheme has since been declared bankrupt and dissolved, bringing the business itself to an end but not all of the legal questions surrounding it.
• The Best Deal TV dispute continues to remain one of the most significant financial cases involving the couple. The matter is being investigated by Mumbai Police’s Economic Offences Wing, with proceedings also reaching the Bombay High Court. Raj Kundra and Shilpa Shetty have denied wrongdoing and have maintained that the dispute is civil rather than criminal in nature.
• The GainBitcoin investigation remains before the Enforcement Directorate under the Prevention of Money Laundering Act. Attached properties, disputed cryptocurrency assets and related proceedings continue to be part of the investigation, while Raj Kundra has denied being the beneficial owner of the Bitcoins in question.
• The HotShots case also remains pending. Raj Kundra was arrested in 2021, spent 63 days in judicial custody and was subsequently granted bail. Mumbai Crime Branch’s criminal case and the parallel Enforcement Directorate investigation continue, while Kundra has consistently denied that the content under investigation amounted to pornography and has maintained that he has been wrongly implicated.

Taken together, these proceedings present an unusually broad legal record. They involve investigations by Delhi Police, Mumbai Crime Branch, the Economic Offences Wing, the Enforcement Directorate, Supreme Court-appointed committees and the Bombay High Court.

They span allegations relating to betting, investment schemes, corporate finance, cryptocurrency and digital content businesses. Yet despite the breadth of the proceedings, they have not all reached the same legal destination. Some have resulted in regulatory findings, others remain under investigation, and several continue to await final judicial determination.

Raj Kundra And Shilpa Shetty’s Responses

Throughout the various investigations spanning more than two decades, Raj Kundra and Shilpa Shetty have consistently denied wrongdoing and have challenged the allegations or findings made against them. While each case has involved different facts, different complainants and different investigating agencies, the couple’s public responses have largely focused on contesting the allegations and asserting that the legal proceedings do not accurately reflect their roles in the businesses under scrutiny.

The Last Bit, The Blunt Facts 

Over the past two decades, Raj Kundra and, in several instances, Shilpa Shetty have found themselves linked to a succession of investigations spanning professional sport, investment schemes, corporate finance, cryptocurrency and digital content businesses. The matters have involved multiple investigative agencies, regulators and courts, resulting in regulatory sanctions in some instances and ongoing criminal or civil proceedings in others.

And while Raj Kundra and Shilpa Shetty have consistently denied wrongdoing in the matters involving them and continue to contest allegations where proceedings are still underway; taken together, these cases represent one of the most extensive legal timelines associated with a high-profile celebrity-business partnership in India.

Whether through concluded regulatory action or ongoing investigations, they remain part of a public record that continues to evolve – one court order, one investigation and one legal proceeding – spanning over decades.