Bombay High Court Delivers Blow to Shilpa Shetty, Rejects Interim Relief in Rs 60 Crore Gold Scheme Fraud Case

The Bombay High Court has delivered a significant blow to Bollywood actress Shilpa Shetty, rejecting her plea for interim relief in a high-stakes Rs 60 crore alleged fraud case. This development places the spotlight once again on Satyug Gold Private Limited, a company she co-founded with her husband, Raj Kundra.

The court’s decision underscores the gravity of the accusations, which involve numerous investors claiming they were duped out of their funds after investing in what they believed were lucrative gold schemes.

The controversy centers on allegations that Satyug Gold, under its 'Satyug Gold Scheme,' failed to deliver promised gold or repay investors upon the maturity of their investments.

This has led to a police complaint and an ongoing probe by the Economic Offences Wing (EOW), which had previously registered an FIR against the involved parties. Shetty had sought interim relief against this police action, arguing her non-involvement.

During the proceedings, Shetty's legal team contended that she had resigned from the directorship of Satyug Gold in 2016 and was not involved in the company's day-to-day operations or financial management.

She maintained that she was a non-executive director and, therefore, not liable for the alleged fraudulent activities that transpired later. However, the court took a different view, emphasizing her prominent role in promoting the scheme.

Justice N.J. Jamadar observed that while Shetty might have resigned, her celebrity status and reputation were undeniably leveraged to promote the 'Satyug Gold Scheme.' This association, the court noted, likely influenced potential investors, lending credibility to the venture.

The court's stance highlights the responsibility that comes with public endorsement, particularly when large sums of public money are at stake.

The court further elaborated that the FIR contained specific, serious allegations against the petitioners, making it difficult to grant blanket interim relief.

It pointed out that the claims of fraud involve a substantial number of investors and a considerable amount of money, necessitating a thorough investigation. The rejection means that the police investigation can proceed without immediate hindrance from Shetty's side, and she will have to face the legal process.

This ruling sends a clear message about accountability, particularly for public figures associated with commercial ventures.

As the EOW probe continues, all eyes will be on the next steps in this complex and high-profile fraud case that has ensnared a prominent Bollywood personality.