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Shilpa Shetty And Raj Kundra Claim Innocence In 'Satyug Gold' Scam

Shilpa Shetty and her husband, businessman Raj Kundra, have responded staunchly to allegations of fraud in connection with their company’s gold investment scheme, “Satyug Gold.” Their legal representative, Prashant Patil, emphasized their innocence and commitment to legal proceedings following accusations by bullion trader Prithviraj Saremal Kothari. The complaint, lodged in Mumbai, claims that investors were […]

Shilpa Shetty and her husband, businessman Raj Kundra, have responded staunchly to allegations of fraud in connection with their company’s gold investment scheme, “Satyug Gold.”

Their legal representative, Prashant Patil, emphasized their innocence and commitment to legal proceedings following accusations by bullion trader Prithviraj Saremal Kothari. The complaint, lodged in Mumbai, claims that investors were lured with promises of high returns on gold investments, with guaranteed delivery at a fixed rate irrespective of market fluctuations.

Patil’s statement asserted that investigations conducted previously in 2022 had cleared Shilpa Shetty and Raj Kundra of wrongdoing, indicating that the complainant had received the full amount through legitimate means. However, the case has now been revived by a court order for further police investigation, prompting the couple to express confidence in a fair outcome.

“We have complete faith in the independence and fairness of the investigation,” Patil affirmed, adding that their documented evidence substantiates their innocence. The dispute, according to their legal team, includes an arbitration clause that can address any grievances regarding alleged interest payments, underscoring their willingness to engage in legal processes.

The initial complaint alleges that under the “Satyug Gold” scheme launched in 2014, investors were required to pre-pay for gold at a discounted rate, with the promise of delivery on a future date. Kothari, the complainant, claims a substantial investment under this scheme went unfulfilled, asserting that despite commitments made, the agreed-upon gold was never delivered.

The scheme’s appeal reportedly stemmed from the celebrity status of Shilpa Shetty and Raj Kundra, leveraging their reputation in entertainment and business to attract investors seeking secure financial opportunities.

In response to the ongoing legal battle, Shilpa Shetty and Raj Kundra are prepared to cooperate fully with investigative authorities while reserving their rights to counteract what they describe as potentially malicious proceedings.

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fraud allegationsLegal DisputeMumbairaj kundraSatyug Gold schemeSHILPA SHETTYTDGThe Daily Guardian