Jaipur: The Rajasthan High Court has rejected the bail applications of filmmaker Vikram Bhatt, his wife Shwetambari Bhatt, and another accused in a multi-crore fraud case, observing that granting bail at this stage would be inappropriate as the investigation is still underway.
Justice Vinod Kumar Bharwani of the Jodhpur bench heard the matter. Opposing the bail pleas, the Special Public Prosecutor (SPP) told the court that crucial aspects of the investigation are pending and further custodial interrogation is required.
According to the prosecution, Vikram Bhatt and Shwetambari Bhatt allegedly generated fake bills under different names and induced the complainant to transfer large sums of money. The funds were then deposited into their personal accounts and used for their own benefit, including repayment of debts.
The SPP informed the court that the accused collectively received ₹4,23,13,424 from the complainant through multiple accounts. Of this, ₹1,65,69,955 was deposited directly into their own accounts and allegedly misused.
The prosecution further stated that Mehboob Ansari’s active role has emerged during the investigation. It was also alleged that the accused were pressuring witnesses, and releasing them on bail could lead to interference with the probe.
Accepting these arguments, the High Court rejected the bail applications of Vikram Bhatt, Shwetambari V. Bhatt, and Mehboob Ansari. An FIR was registered on November 17 at Bhupalpura police station, Udaipur, against Vikram Bhatt and eight others for cheating and fraud amounting to nearly ₹30 crore.
The complaint was filed by Dr. Ajay Murdia, owner of Indira Group of Companies (Indira IVF). According to the FIR, Dr. Murdia met Dinesh Kataria at an event, who proposed making a biopic of his wife. On April 24, 2024, Kataria invited him to Vrindavan Studio in Mumbai, where he was introduced to Vikram Bhatt, and discussions regarding the project took place.
Later, Vikram Bhatt and Shwetambari Bhatt allegedly proposed producing four films for ₹47 crore, claiming that the projects could generate profits between ₹100 crore and ₹200 crore.
Based on these assurances, Dr. Murdia transferred money to multiple accounts held in the names of staff members and associates. The complaint alleges that ₹2,45,61,400 was transferred through these accounts, while Indira Entertainment made payments totalling ₹42,70,82,232, despite the agreed production cost being ₹47 crore. As per the complaint, only two films were produced and released.
The third film, Vishwa Virat, was reportedly only 25 per cent complete, while shooting for the fourth film, Maharana-Ran, had not even begun. It is alleged that around ₹25 crore meant for Maharana-Ran was misappropriated.
Apart from Vikram Bhatt and Shwetambari Bhatt, the FIR names Krishna Bhatt, Dinesh Kataria, Mehboob Ansari, Mudit Buttan, Gangeshwar Lal Srivastava, and Ashok Dubey as accused.
The High Court’s refusal to grant bail is seen as a significant development in the high-profile case, with the investigation into the alleged financial irregularities continuing.
(IANS)
