Rakshit Shetty controversy grows; business partners face criminal investigation for fraud, forgery

An FIR was registered against Kannada actor-filmmaker Rakshit Shetty over alleged ‘unauthorized usage’ of a music company’s two songs in his movie ‘Bachelor Party’, followed by a legal suit on June 24 against the actor, and his subsequent filing of anticipatory bail to avoid an arrest, according to various media sources including the Republic World.

Rakshit Shetty operates Paramvah Studios, a prominent production company based in Bengaluru, known for its innovative and high-quality content. According to official filings, 50% of the company’s shares are owned by Sunland Projects Pvt Ltd, reflecting a significant investment and partnership in the creative venture. Paramvah Studios, which has garnered a reputation for producing critically acclaimed films and series, was co-founded by Rakshit Shetty and the late Govind Sahai Gupta. The Paramvah studio’s official website highlights the contributions of both founders, showcasing their vision and dedication to the entertainment industry. Rakshit Shetty continues to lead the company, building on the legacy and foundational work of Govind Sahai Gupta to push the boundaries of film and media production in India.

Paramvah Studios, as per ZaubaCorp, has three directors: Rakshit Shetty, Vivek Agarwal, and Subhash Chandra Khandelwal.

Vivek and Subhash are currently under criminal investigation for allegations of fraud, forgery, and account manipulation. Subhash Chandra Khandelwal, who is also a director at Sunland Projects, plays a significant role in the ownership structure of Paramvah, as Sunland Projects holds a 50% stake in the company.

FIR

The Kolkata Police lodged an FIR on December 22, 2023, at the Rabindra Sarobar Police Station, accusing Amit Gupta, the promoter of Sunlands and son of Paramvah co-founder Govind Sahai Gupta, of multiple offenses. These include the “fraudulent share transfer” of 1,510,000 shares, “forging and manipulating records,” and “illegally striking off” a loan amounting to Rs 9,95,64,143 from Sunland Projects Pvt Ltd. The FIR also alleges that Amit Gupta conspired with co-accused individuals, including Vivek Agarwal and Subhash Chandra Khandelwal, in carrying out these illegal activities.

According to the Sydney Morning Herald, US documents have named Amit Gupta, a director at Getax, as the “target of a criminal investigation who is alleged to have conspired with others to bribe foreign public officials and to have engaged in money laundering and other offences.” This statement underscores the severity of the allegations against Gupta and highlights the broader implications of the ongoing investigation.

The recent development involving Rakshit Shetty, who is facing a copyright violation case and has filed for anticipatory bail to evade arrest, has garnered significant national attention. Coupled with his and Paramvah Studios’ direct ties to the controversial businessman Amit Gupta, as well as the criminal investigation into two of Paramvah’s directors, this situation raises substantial concerns about Rakshit Shetty’s business practices and dubious associations. As these issues come under closer scrutiny from both the public and legal authorities, they cast a shadow over Shetty’s and Paramvah Studios’ operations.