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Actor Sachiin Joshi wins a fraud and cheating case against Raj Kundra, Shilpa Shetty and their firm, says Karma caught up with him

The Bombay High Court has directed the company to hand over 1 kg gold to Joshi, along with Rs. 3,00,000 as a cost towards legal proceedings.

Actor and producer Sachiin Joshi has won a legal case against Raj Kundra, Shilpa Shetty and Satyug Gold- the company of which the couple were the ex-directors. The Bombay High Court has directed the company to hand over 1 kg gold to Joshi, along with Rs. 3,00,000 as a cost towards legal proceedings.

In January this year, Joshi had filed a case of fraud, cheating and other charges against Shilpa Shetty, Raj Kundra and few more officials of Satyug Gold Pvt Ltd (SGPL) including current directors Ganpati Chaudhary, Mohammed Saifi with the Khar Police Station in Mumbai.

Joshi who had purchased a five-year gold plan sold as ‘Satyug Gold Scheme’ was promised a certain fixed quantity of gold redeemable after the lock-in period. However, on the non-receipt of the gold after six years of investing, Joshi was forced to file a case against the celebrity couple who were not just the ex-directors of the company but had also promoted it extensively.   

Pronouncing the verdict in Joshi’s favor, the court has directed Satyug Gold to hand over Joshi’s 1 kg gold to him and also pay him a sum of Rs 3 lakh as a cost towards legal proceedings.

According to the scheme launched by Raj Kundra, an investor who bought a certain sum of gold at the then current rates with full advance payment would be entitled to a Satyug Gold Card, redeemable in stages with attractive discounts. The discount rates were 15% after two years, 26% after three years, 30% after four years and 37% after five years.

Joshi had purchased One kg gold for nearly Rs 18.58 lakhs in March 2014 at the then prevailing rates. It would be redeemable on or after March 25, 2019 at the promised discount on presentation of the Satyug Gold Card to the SGPL. However, when Joshi attempted to redeem his one-kilo golden asset on the due date, he found that the SGPL office in Bandra Kurla Complex was shut.

During media interactions, Sachiin Joshi said, “My legal battle was merely a representation of many of the investors of Satyug Gold who have invested in the gold scheme at a discounted rate, only to never receive the gold.”

“I was asked to pay 25 lakh on an 18,57,870 lakh gold purchase 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!” he added. 

Insinuating that Kundra’s arrest was a result of bad karma, Joshi further said, “We got our 1 kg gold and 3 lakh of fine that they had to pay us for making us go through this legal process where they were at fault since the very beginning and yes about the cheque bounce case, we will win that too as it was stopped not bounced as we didn’t see any transparency in their dealings. I am glad karma finally caught up with Kundra.”

Joshi’s wife too had shared a cryptic message on her message saying, “Karma never misses your address” after Kundra’s arrest in the pornography case. 

Screenshot of Urvashi’s Instagram story

Joshi accused the celebrity couple of cheating

The actor cum producer had filed a case against the celebrity couple and the company in the first half of 2020 as well.

However, Shilpa Shetty had brushed off the allegations made against her and her businessman husband claiming they were “baseless”.

Shetty reacting to the controversy that broke out blamed Joshi for non-payment. “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,” she had told in an interview with IANS..

Ayodhra Ram Mandir special coverage by OpIndia

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OpIndia Staff
Staff reporter at OpIndia

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