Bollywood filmmaker Vikram Bhatt and spouse Shwetambari Bhatt walked free after the Supreme Court quashed a lower court detention in a Rs 30 crore-plus cheating scandal. The landmark ruling on Thursday emphasized mediation over prolonged incarceration, directing parties to negotiate a settlement.
Background to the case reveals a sour investment deal. Dr. Ajay Murdia, head of the Indira IVF chain, was persuaded to fund four films including a biopic of his deceased wife. The Bhatts assured lucrative profits, but after some filming, projects were shelved, and refund requests met with stonewalling.
Arrested on December 7, Bhatt’s initial bail denial by Rajasthan High Court led to Supreme Court doors. On February 13, interim relief was granted, with justices remarking that prisons aren’t debt collection agencies. Notices went out to Rajasthan authorities.
Thursday’s hearing flipped the high court’s script, approving regular bail under Udaipur court’s terms. This development underscores judicial caution in financial crime arrests, prioritizing recovery mechanisms.
Muradia’s empire spans multiple states, built from Udaipur roots in fertility treatments. His quest for a cinematic tribute to his wife entangled him in this mess.
Compounding woes, Vikram Bhatt and daughter are entangled in a parallel Rs 13.5 crore fraud claim by another investor, painting a pattern of alleged deceit in film financing.
As the duo steps out, questions linger on Bollywood’s opaque funding practices and the role of courts in mediating business fallouts. Mediation could pave the way for resolution, or deepen the divide.