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Sachiin Joshi says he's fighting against injustice as Shilpa Shetty refutes gold scam charges

Actress Shilpa Shetty Kundra has reacted to charges made against her and her husband, Raj Kundra, by actor Sachiin Joshi. Earlier this year, Sachiin had filed a complaint against the couple, alleging that he had been cheated by Shilpa and Raj. Sachin says "I feel defrauded to say the least."

India TV Entertainment Desk India TV Entertainment Desk
New Delhi Updated on: September 17, 2020 16:02 IST
Shilpa Shetty refutes Sachiin Joshi's gold scam charge against her

Shilpa Shetty refutes Sachiin Joshi's gold scam charge against her

Actor Sachiin Joshi had filed a complaint against Shilpa Shetty and her husband, businessman Raj Kundra, alleging that he was deceived by the gold trading company Satyug Gold, that was previously run by them. Sachiin claimed that he had purchased a kilo of gold in a gold scheme from the company. He claims that he cheated as after paying Rs. 18,57,870 on March 25, 2014 for the gold, he has been asked by the then Shilpa Shetty-Raj Kundra promoted Satyug Gold to pay a penalty of Rs. 25,50,000 in order to collect the gold for which an amount of Rs 18,57,870 had already been paid to them six years ago. In a statement, actor Sachiin Joshi has said, "My battle is to give hope to many others to fight against injustice."

“An average Indian believes that an investment in gold passes down generations, more so when a celebrity endorses a company that is offering the said gold scheme. My legal battle is merely a representation of many of the investors of Satyug Gold who might have invested in the gold scheme at a discounted rate, only to never receive the gold,” says actor-entrepreneur Sachiin Joshi.

“If I am asked to pay Rs 25 lakh to collect Rs 18 lakh gold after six years of my hard-earned money lying with a company, imagine the state of the common man who must have invested believing a celebrity who endorsed a company as its Chairman! I feel defrauded to say the least. And then I realised that I should stand up against what is wrong as I might be the hope for many others.”

The matter is subjudice through arbitration in accordance with the Arbitration and Conciliation Act, 1996 of India. As per the court, Satyug Gold was made to deposit the 1kg of gold with the Prothonotary and Senior Master of the Hon. Bombay High Court, who then took custody of the gold and sealed and secured it in the High Court’s strong-room/vault. As Sachiin Joshi was abroad, his counsel requested that the gold be handed over to his representative. 

Meanwhile, actress Shilpa Shetty Kundra reacted to allegations made against her and her husband Raj Kundra, by actor Sachiin Joshi. 

Shilpa said: "All these allegations made by Sachin Joshi are completely false and baseless. At Satyug Gold, each and every client's orders have been fulfilled in time. We have even deposited 1kg gold for which Sachiin Joshi is yet to pay the demurrage charges legally applicable. Not many know, we also have a cheque bouncing case in court against this serial defaulter. If we didn't wish to give him the gold, we would not have it deposited in court. The court has now appointed an arbitrator where we have presented the charges that are due and clearly mentioned on the invoice and website. The truth will be out real soon."

Shilpa and Raj's legal team has also issued a statement that reads: "The police complaint against the shareholders in January comes very conveniently after his revision petition filed by him against the cheque bounce case gets declined by the Dindoshi court in October. Mr. Joshi now feels he has been defrauded after the court restrains him from collecting the gold and orders to keep the gold in the premises of the court till the arbitration is pending on the storage charges, apparently to which he rightly agreed while making the payment for gold in 2014."

"The invoice clearly states there will be storage charges applicable in the scenario the gold is not collected on the due date. Further the TnC on official website guides to the amount of storage charges applicable. In the tenure of 1 year from the due date, Mr. Joshi never once tried to contact the company for the collection, for which he feels defrauded by claims of security charges and penalty," the statement added.

"The Company has a ratio of 90% processed customers who are happy and satisfied with the services of SGPL. Bombay High Court on 11th September, 2020 had granted a stay on the order 7th September, 2020 by which Mr. Joshi was allowed to take the gold deposited with the court. Advocates Mr. Karl Tamboly, Mr. M Siganporia along with Vis Legis Law Practice as the representative firm had moved an appeal before the Bench for such stay," the statement further said.

As the hearing and final disposal of the arbitration proceedings and for was in a period of two weeks from the date of receipt of a copy of the Award by the parties and / or their Advocates, the Prothonotary and Senior Master shall continue to retain the gold bar weighing 1.022 kg in the safe deposit vault opened / obtained in his name in the Bank of India pursuant to the directions of G.S.Patel, J. dated 7th September, 2020.

Sachiin Joshi has earlier filed a complaint on January 18th of this year in Khar Police Station, Mumbai, under sections 406, 409 and 420 of the IPC for the alleged fraudulent representation and nonreceipt of gold after six years of making the payment to Satyug Gold at the behest of Raj Kundra and Shilpa Shetty who  were then, the office-bearers of the company.

The case is still in the court.

(With inputs from IANS)

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