Shilpa Shetty Cheating Allegations: Case Details Revealed On June 10, a sessions court identified sufficient evidence in a cheating complaint against Satyug Gold Private Limited, a company associated with actor Shilpa Shetty and her husband, businessman Raj Kundra. The complaint was filed by bullion trader Prithviraj Saremal Kothari alleging a fraudulent gold investment scheme.
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Court Directive
The court directed the Bandra-Kurla Complex (BKC) Police to investigate these allegations. If the police find a cognizable offense they are to register a First Information Report (FIR) under relevant sections of the Indian Penal Code (IPC) and the Maharashtra Protection of Interest of Depositors (in Financial Establishments) (MPID) Act.
Details of the Complaint
Kothari, Managing Director of M/s. Riddhi Siddhi Bullions claimed that the scheme promised investors a fixed amount of gold after a specific period in exchange for an upfront payment at a discounted rate. He alleged that despite fulfilling his payment obligations, he did not receive the gold as promised.
Promises Made by Shilpa Shetty and Kundra
According to Kothari, Shilpa Shetty and Kundra personally assured him of the timely delivery of gold which led him to invest Rs. 90 lakh in the scheme. He was promised 5,000 grams of 24-carat gold to be delivered on April 12, 2019. However, Kothari did not receive the promised gold.
Discrepancy and Legal Action
In December 2019, instead of delivering the gold, the company sent Kothari a post-dated cheque for Rs. 90.38 lakh representing only the principal amount. This amount did not account for the promised gold. As of January 2020, the market value of 5,000 grams of 24-carat gold was about Rs. 2.25 crore, indicating a significant financial discrepancy from the cheque he received.
Advocate’s Argument
Advocate Harekrishna Mishra, representing Kothari, argued that the accused had intentionally defrauded Kothari resulting in a loss exceeding Rs. 1 crore. Despite Kothari filing complaints with the police in 2021 and 2022 no FIR was initially registered, prompting him to seek the court’s intervention.
Court’s Decision
The court’s directive to the BKC Police aims to scrutinize the allegations and determine the culpability of those involved. This case has put Shetty and Kundra under significant legal scrutiny with potential implications for their business reputation and personal credibility.
Broader Implications
The outcome of this investigation could have broader ramifications for investor trust in similar investment schemes. It highlights the importance of regulatory oversight and the need for investors to exercise caution when engaging in such financial commitments.
As the investigation proceeds, all eyes will be on how the police and judicial system handle the case, ensuring that justice is served, and any fraudulent activities are appropriately addressed.
