Actor Shilpa Shetty and businessman Raj Kundra are currently under police scrutiny after being accused of defrauding an investor in a gold scheme. The complaint was filed by Prithviraj Kothari, managing director of Riddhi Siddhi Bullions, leading to a Mumbai court indicating that a cognizable offence is likely committed by the duo and their company, Satyug Gold Private Limited.
An investment of ₹90,38,600 was made by Kothari in Satyug Gold as part of a 5-year plan promising the delivery of 5,000 grams of 24-carat gold in April 2019. However, as per the complaint, the promised gold was never delivered, raising serious concerns about the legitimacy of the scheme.
The complaint alleges that the Kundra couple along with two directors and an employee of the firm conspired to operate a fraudulent scheme. It is stated that they have committed offences punishable under relevant provisions of the Indian Penal Code, including cheating and criminal breach of trust.
Additional sessions judge N P Mehta has instructed the BKC police station to investigate the allegations put forth by Kothari. If any cognizable offence is uncovered, the Mumbai Police has been directed to register an FIR for cheating and criminal breach of trust against the accused individuals.
This incident follows the recent attachment of properties worth ₹97.79 crore belonging to the couple by the Enforcement Directorate under the Prevention of Money Laundering Act. This action is part of an investigation stemming from multiple FIRs filed by the Maharashtra Police and Delhi Police regarding a Bitcoin Ponzi scheme involving various individuals and entities.
Insight: It is important for investors to thoroughly research and verify the credibility of investment schemes before committing their funds, especially when dealing with high-value transactions involving precious metals like gold. The strict legal actions taken against fraudulent activities in the financial sector emphasize the significance of due diligence in financial dealings to safeguard against potential scams and frauds.
The scam reportedly collected significant amounts from the public by making false promises of high returns while hiding illicit gains in obscure online wallets, underscoring the need for heightened vigilance and regulatory oversight in the realm of investment schemes to protect investors and maintain financial integrity.
(With inputs from agencies)
