Shilpa Shetty and Her Husband Raj Kundra Accused of Cheating Trader in Gold Scheme

The accusation made by bullion trader Prithviraj Saremal Kothari has prompted the Mumbai Sessions Court to order a thorough investigation. According to Mr. Kothari’s complaint, Shilpa Shetty and Raj Kundra, along with associates, orchestrated a scheme under their company, enticing investors with promises of lucrative returns on gold investments. The scheme, named “Satyug Gold,” allegedly assured investors of gold delivery at a fixed rate, regardless of market fluctuations. Mr. Kothari, a leading player in the gold and bullion market, claims to have been persuaded by the accused to invest a substantial amount in the scheme.

Assurances from Ms. Shetty, Mr. Kundra, and their associates reportedly convinced him of the scheme’s legitimacy and the timely delivery of gold upon maturity. However, upon reaching the maturity date of April 2, 2019, Mr. Kothari alleges that he did not receive the promised gold despite his upfront payment of Rs 90,38,600. The scheme, as described by Mr. Kothari, appeared to offer a secure investment opportunity, buoyed by the reputation of Shilpa Shetty and Raj Kundra in the entertainment and business spheres, respectively. Investors were led to believe that their investments were safeguarded by the stature of the accused individuals, only to find themselves allegedly defrauded in the end.

The court directed Mumbai Police to investigate the allegations made in the complaint. Earlier this year, Raj Kundra landed on the radar of the Enforcement Directorate in a money laundering case linked to a Ponzi scheme. The probe agency seized properties worth Rs 97.79 crore, which also includes a Mumbai flat registered in the name of Shilpa Shetty.