Shilpa Shetty's restaurant Bastian Bandra to close amid ₹60 cr fraud case

Mumbai’s popular restaurant, Bastian Bandra, co-owned by actor Shilpa Shetty, will shut its doors this Thursday (September 4). The closure comes amid allegations of a ₹60 crore fraud involving Shetty and her husband, Raj Kundra.

Shetty took to her Instagram stories to share a note with her followers. “This Thursday marks the end of an era as we bid farewell to one of Mumbai's most iconic destinations - BASTIAN BANDRA. A venue that gave us countless memories, unforgettable nights, and moments that shaped the city's nightlife now takes its final bow,” she wrote.

Shetty added that the restaurant will host a special evening to celebrate its legacy.

“To honour this legendary space, we’re curating a very special evening for our closest patrons – a night filled with nostalgia, energy, and magic, celebrating everything Bastian has stood for one last time. While we say goodbye to BASTIAN BANDRA, our Thursday night ritual Arcane Affair will continue next week at BASTIAN AT THE TOP, carrying forward the legacy in a brand-new chapter with brand new experiences (sic),” she said.

Since its launch in 2016, Bastian Bandra has become a favourite spot for the city people, known especially for its seafood. The restaurant was a hotspot and iconic hangout in Bandra, co-owned by Shilpa Shetty and restaurateur Ranjit Bindra.

₹60 crore fraud case against Shilpa Shetty, Raj Kundra

Shilpa Shetty and her husband, businessman Raj Kundra, have been charged with defrauding a Mumbai-based businessman of ₹60 crore. The case is linked to a loan-cum-investment deal for the couple’s now-defunct Best Deal TV Pvt. Ltd, NDTV had reported.

The alleged victim, Deepak Kothari, said he had given the celebrity couple ₹60.48 crore for business expansion between 2015 and 2023, but the money was used for personal expenses. Kothari explained that he first contacted the couple in 2015 through an agent, Rajesh Arya. At that time, Shilpa Shetty and Kundra were directors of Best Deal TV, an online shopping platform, with Shilpa holding over 87 per cent shares.

Kothari said the agent initially sought a ₹75 crore loan at 12 per cent annual interest for the company. To avoid higher taxes, Arya suggested the amount be treated as an “investment". A meeting was held, and the deal was finalised with the promise that the money would be returned on time.

In April 2015, Kothari transferred the first instalment of ₹31.95 crore, though tax issues persisted. A second deal followed in September, and Kothari sent an additional ₹28.54 crore between July 2015 and March 2016. Including a stamp duty of ₹3.19 lakh, Kothari claimed he transferred a total of ₹60.48 crore.

He also alleged that Shilpa Shetty personally assured him of repayment in April 2016 and gave a personal guarantee. Kothari said he was unaware of a ₹1.28 crore insolvency case against the company and that his repeated requests for the money were ignored. In his complaint, he accused the couple of running a well-planned conspiracy between 2015 and 2023, taking money for business purposes and using it for personal expenses.

The case was initially registered at Juhu police station for forgery and cheating but was later handed over to the Economic Offences Wing since the amount exceeded ₹10 crore.

Past controversies

Shilpa Shetty and Raj Kundra have faced legal troubles before. In 2024, the Enforcement Directorate (ED) attached properties worth ₹97.79 crore, alleging the couple had collected huge funds through Bitcoin investments.

In November 2024, Kundra’s residence and offices were raided in connection with a money laundering investigation involving the production and distribution of pornographic content via mobile apps.