Jaipur, Jan 31 (NationPress) The Rajasthan High Court has denied the bail requests of filmmaker Vikram Bhatt, his spouse Shwetambari Bhatt, along with another defendant in a multi-crore fraud case, asserting that allowing bail at this juncture would be ill-advised as the inquiry is still ongoing.

Justice Vinod Kumar Bharwani of the Jodhpur bench presided over the proceedings. The Special Public Prosecutor (SPP) argued against the bail applications, stating that significant facets of the investigation are still pending and additional custodial questioning is necessary.

The prosecution alleges that Vikram Bhatt and Shwetambari Bhatt fabricated fake invoices under various aliases and persuaded the complainant to transfer substantial amounts of money. These funds were subsequently deposited into their personal accounts and utilized for personal gain, including settling debts.

The SPP informed the court that the accused collectively received ₹4,23,13,424 from the complainant through several accounts. Out of this amount, ₹1,65,69,955 was deposited directly into their accounts and allegedly misappropriated.

Additionally, the prosecution noted that the role of Mehboob Ansari has come to light during the investigation. It was also claimed that the accused were intimidating witnesses, and granting them bail could hinder the investigation.

Considering these arguments, the High Court dismissed the bail applications of Vikram Bhatt, Shwetambari Bhatt, and Mehboob Ansari. An FIR was lodged on November 17 at the Bhupalpura police station in Udaipur, accusing Vikram Bhatt and eight others of cheating and fraud amounting to nearly ₹30 crore.

The complaint was initiated by Dr. Ajay Murdia, the owner of Indira Group of Companies (Indira IVF). According to the FIR, Dr. Murdia encountered Dinesh Kataria at an event, who suggested creating 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 about the project ensued.

Subsequently, Vikram Bhatt and Shwetambari Bhatt allegedly proposed to produce four films for ₹47 crore, asserting that these projects could yield profits ranging from ₹100 crore to ₹200 crore.

Based on these commitments, Dr. Murdia transferred funds to various accounts held by staff and associates. The complaint claims that ₹2,45,61,400 was transferred via these accounts, while Indira Entertainment made payments totaling ₹42,70,82,232, despite the agreed production budget being ₹47 crore. According to the complaint, only two films were produced and released.

The third film, Vishwa Virat, was reportedly only 25% complete, while production for the fourth film, Maharana-Ran, had yet to commence. Allegations suggest that around ₹25 crore designated for Maharana-Ran was misappropriated.

Alongside Vikram Bhatt and Shwetambari Bhatt, the FIR lists Krishna Bhatt, Dinesh Kataria, Mehboob Ansari, Mudit Buttan, Gangeshwar Lal Srivastava, and Ashok Dubey as co-defendants.

The High Court's refusal to grant bail marks a pivotal moment in this prominent case, with the investigation into the alleged financial irregularities continuing.