“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, who, after paying Rs. 18,57,870 on March 25, 2014, 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.
“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.
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.