Calling the claim ridiculous, Shilpa tweeted, "Crazy news! I dare this Manoj Jain 2submit proofs 2 his ridiculous claims .His 2minute Fame can't b @ the cost of my hard earned reputation."

In another tweet, Shilpa revealed that she is seeking legal advice against the fraud case filed. "Seeking legal advice ..He's a defaulter &clearly a fraud going by his reputation.So annoying !" she wrote on the micro-blogging website.
Her husband, Raj Kundra, also took to Twitter to react to the development and wrote, "Ridiculous news about a habitual fraudster claiming fraud done against him hilarious! Courts & Cops need 2 C merit in case 1st. #defamation."
Police have initiated a case against Shilpa and Ripu Sudan Kundra (Raj Kundra) of Essential Sports and Media Private Limited following the complaint by M.K. Media Private Limited's additional director Debashis Guha.

"We have registered a case against Shilpa and her company on the charges of criminal breach of trust, cheating, extortion, criminal intimidation and criminal conspiracy," said Deputy Commissioner of Police Murli Dhar said.

According to the complaint, "Shilpa and others allegedly induced the complainant company to invest a sum of Rs.9 crore with the promise of 10 times return against the invested amount within two years".

The complainant company has also claimed that against the investment of Rs.9 crore, it was allotted 30 lakh equity shares which were subsequently reported to be bogus, said Dhar.

The Kolkata-based company earlier filed a civil suit before the Calcutta High Court, claiming refund of the Rs.9 crore it was 'fraudulently induced' to invest in Shetty's company.

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