According to sources the 32-year-old Celebrity Big Brother bombshell has found love with one of Britain's Asian entrepreneurs - self-made millionaire Raj Kundra, 30. London-born Kundra, the son of a gold and diamond trader, has made a £6 million fortune in fashion, diamonds and film.
He is reportedly into film financing. He had put his money in a film called Mere Jeevan Saathi was much delayed and sank at the box-office.
The film It Could Be You, with Naseeruddin Shah and Kirron Kher, has the name of Kundra's wife Kavita as producer.
The Kundras recently had a baby girl but if sources are to be believed, Raj and Kavita are heading for an expensive divorce.
Raj was seen escorting Shilpa at the IIFA awards in Yorkshire some weeks ago and also the man behind Shilpa's new perfume, S2, and the couple began their fragrant affair last month while working on the scent.