Filmmaker Vikram Bhatt and spouse Shwetambari have secured conditional bail from India’s top court amid allegations of swindling 30 crores through a bogus film investment scheme. The Supreme Court emphasized swift restitution of funds as a key bail condition.
Having struck out at the Udaipur trial court, the couple escalated to the Supreme Court. In a swift hearing, the Chief Justice’s bench approved interim bail with caveats: mandatory probe cooperation, Delhi residency, passport deposition, and bail bonds. Notices went out to Rajasthan authorities, with further proceedings set for Thursday.
Background reveals Dr. Ajay Murdia’s encounter with Bhatt over a proposed biopic of Murdia’s wife. Enthused, Murdia funded four projects with 44.29 crores. Shooting commenced on some, but promises evaporated, leaving investors high and dry when repayments were demanded.
Legal battles ensued after Bhatt’s evasions. Udaipur court denied initial bail. Compounding troubles, a parallel 13.5 crore fraud case from another investor is under Economic Offences Wing scrutiny since a January 24 FIR.
Bhatt, celebrated for horror franchises, now navigates this crisis. The bail provides breathing room, yet the path ahead demands accountability. Investors and industry peers await clarity on the funds’ recovery and justice delivery, highlighting risks in Bollywood financing.