After PTI reported that film producer-director Vipul Shah lost Rs 5 crore in an alleged ‘iridium scam,’ the Namaste England helmer has completely denied the story.
Speaking exclusively to The Quint, Vipul had this to say.
That story is totally untrue. I don’t know where and how this started but the person in the case is not me. I have got nothing to do with the story.Vipul Shah
PTI on Friday 26 October reported that a case has been filed against three people for allegedly cheating Vipul Shah and his business partner of Rs 5 crore by luring them into investing in ‘iridium business.’ The Nagpur Police’s Economic Offences Wing has arrested one person in the case, an official told the news agency.
Similar scams related to the so-called iridium mining business have been reported in the past too. According to Shah’s alleged complaint, the accused approached him and his business partner Vinit Singh, sometime in 2010, promising to invest Rs 100 crore in film-production.
The accused reportedly told Shah and his partner that they were in the lucrative business of collecting antiques and British-era coins which contain iridium, a rare metal.
According to Vipul Shah’s complaint, the accused approached him and his business partner Vinit Singh, sometime in 2010, promising to invest Rs 100 crore in film-production.
Iridium is in great demand for its `supernatural powers' and even the defence forces need it, the accused told the duo. They allegedly offered Shah and Singh an opportunity to invest in this business.
Shah also reportedly said in his complaint that he and his partner traveled all across the country with the three of them, spending their own money and even transferring some money to the accused, in connection with the so-called business before they realized that they were being taken for a ride.
They had spent around Rs 5 crore during these travels, Shah reportedly told the police. After the complaint was lodged, the EOW arrested one Raj Singh under IPC section 420 (cheating) and other relevant sections.
Vipul Shah is the producer of many Bollywood films including Singh Is King, Commando and Force.
(Inputs: PTI)
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