Shilpa Shetty’s Bastian Bids Farewell Amid Fraud Case Storm, marking the end of a Mumbai nightlife era while questions over the ₹60 crore controversy continue to swirl. Bollywood’s fitness diva and entrepreneur Shilpa Shetty is once again in the spotlight—this time not for her films, fitness ventures, or business expansions, but for a controversy shaking her entrepreneurial empire. On September 2, she announced that Bastian Bandra, her flagship restaurant and one of Mumbai’s most celebrated fine-dining hotspots, will close its doors on Thursday, September 4, 2025.
While Shilpa’s emotional Instagram post focused on nostalgia and gratitude, the closure arrives at a time when she and her husband, businessman Raj Kundra, face serious allegations of defrauding a Mumbai investor of ₹60.48 crore. The timing has inevitably fueled speculation: is this just a business decision, or the fallout of mounting legal troubles?
Bastian Bandra: Curtains Down on a Mumbai Nightlife Icon
Since its launch in 2016, Bastian Bandra, located on Linking Road, had become a magnet for the city’s elite. Initially co-owned with restaurateur Ranjit Bindra, the restaurant moved to a larger multi-storey venue in 2023, turning into a glamorous hub for Mumbai’s film stars, industrialists, and socialites. Known for its seafood-forward menu, vibrant interiors, and paparazzi-friendly ambiance, the restaurant embodied luxury dining in the financial capital.
In her farewell note, Shilpa wrote:
“This Thursday marks the end of an era as we bid farewell to one of Mumbai’s most iconic destinations—Bastian Bandra. A place that gave us countless memories, unforgettable nights, and moments that shaped the city’s nightlife is taking its final bow.”
She also announced a special farewell event, promising an evening steeped in nostalgia.
But while Bandra loses its beloved Bastian, the brand itself isn’t disappearing. Its upscale sibling, Bastian At The Top—perched on the 48th floor of Kohinoor Square in Dadar—will continue operations, hosting the much-loved ‘Arcane Affair’ Thursday nights against the backdrop of Mumbai’s skyline. Officially, the Bandra outlet is closing for renovations, but the suddenness of the decision has raised eyebrows, especially given the cloud of allegations hovering over Shilpa and Raj.
The ₹60.48 Crore Fraud Allegations: Untangling the Case
The controversy traces back to Deepak Kothari, director of Lotus Capital Financial Services, who accuses Shilpa Shetty and Raj Kundra of siphoning off nearly ₹60.48 crore under false pretenses.
According to the FIR lodged at Juhu Police Station on August 13, 2025, the case revolves around Best Deal TV Private Limited, a home shopping and online retail venture co-owned by Shilpa (who reportedly held more than 87% shares).
- In 2015, Kothari was approached to provide a ₹75 crore loan at 12% annual interest. To avoid tax burdens, the deal was restructured as an “investment” with monthly returns and assured repayment.
- Between April and September 2015, Kothari transferred ₹60.48 crore (including stamp duty charges) in two tranches.
- Shilpa allegedly emailed a personal guarantee in April 2016, assuring repayment.
- However, by September 2016, she resigned as director. A year later, Best Deal TV was dragged into insolvency proceedings after defaulting on another financial obligation.
Kothari claims repeated recovery efforts failed, with Raj and Shilpa citing pandemic setbacks. Later, he allegedly discovered that funds were “dishonestly misappropriated” for personal use.
The police have filed charges under Sections 403, 406, and 34 of the IPC, and due to the magnitude of funds involved, the case has been transferred to the Economic Offences Wing (EOW). Investigators are probing the money trail, possible money laundering, and the involvement of unnamed intermediaries.
Raj Kundra’s Controversial Past
The case gains weight given Raj Kundra’s controversial history.
- In 2021, he was arrested in connection with a pornography production racket.
- In 2024, the Enforcement Directorate (ED) attached properties worth ₹97.79 crore in a Bitcoin scam, later raiding his premises for suspected money laundering links.
- Earlier in 2025, his name surfaced in a ₹90 lakh gold scheme fraud.
These repeated controversies have cast a long shadow over Shilpa Shetty’s otherwise carefully cultivated image as a wellness entrepreneur and Bollywood icon.
The Defense: “Baseless and Malicious”
Both Shilpa and Raj have categorically denied the allegations. Their lawyer, Prashant Patil, issued a statement on August 14, calling the case a “civil dispute dressed up as criminal”. He highlighted that the matter was settled on October 4, 2024, at the National Company Law Tribunal (NCLT) when Best Deal TV went into liquidation due to financial distress.
Patil further questioned the complainant’s timing:
- “If there was indeed fraud, why wait nearly a decade to file a complaint?”
He also emphasized that all relevant documents—cash flows, audit reports, and agreements—have been handed over to the authorities. The couple plans to initiate legal action once they receive a copy of the FIR.
Shilpa herself has refrained from making direct comments, continuing to post motivational content and updates about her ventures. Raj, on the other hand, has repeatedly framed the case as a civil-business dispute, not criminal fraud.
Fallout: Financial Strain or Strategic Pivot?
The closure of Bastian Bandra has inevitably been linked to the ongoing case. While some industry insiders suggest it’s merely a renovation-cum-rebranding move, many speculate it could be a damage-control strategy to shield the brand’s flagship, Bastian At The Top, from reputational fallout.
Celebrity-backed restaurants often thrive on perception, and legal controversies can deter high-profile clientele. Social media chatter reflects this, with users debating whether cash flow challenges or brand-protection tactics are driving the decision.
Yet Shilpa continues to diversify. Under Bastian Hospitality, she recently launched Inka Experience, a Peruvian-Asian fusion restaurant, and invested in Limelight Lab Grown Diamonds. These ventures indicate she may be pivoting focus toward newer markets while Bastian Bandra takes its bow.
Shilpa’s Entrepreneurial Journey: Resilience Under Fire
Beyond the glamour, Shilpa Shetty’s business story has been one of ambition and resilience. From launching the Shilpa Shetty App for wellness, to buying into Bastian Hospitality in 2019, she has built a varied portfolio. Her foray into sustainable diamonds underscores her interest in socially-conscious businesses.
Yet Raj Kundra’s recurring controversies have repeatedly disrupted her entrepreneurial narrative. Each scandal, from pornographic content to cryptocurrency scams, has threatened to erode public trust, making Shilpa’s balancing act between her brand image and personal life all the more challenging.
Public reaction is divided. Some users on X have expressed sympathy, acknowledging her attempts to move forward despite her husband’s past. Others accuse her of being complicit or turning a blind eye, questioning the accountability of Bollywood celebrities in business ventures.
What Lies Ahead?
As Mumbai gears up to say goodbye to Bastian Bandra on September 4, the farewell marks not just the end of a beloved restaurant but also a turning point in Shilpa Shetty’s entrepreneurial journey.
The EOW’s probe into the ₹60 crore fraud case will be critical in determining whether the allegations gain legal traction or collapse as a civil-commercial dispute. If proven, consequences could range from financial penalties to asset seizures.
For now, Bastian’s legacy continues at its glittering Dadar outlet, and Shilpa appears intent on channeling energy into new ventures. Whether this chapter becomes a temporary setback or a defining controversy remains to be seen.
One thing is certain: Mumbai is losing a nightlife icon, but the legal drama surrounding Shilpa and Raj is far from over.