Filmmaker Vikram Bhatt and his wife Shwetambari Bhatt will continue to remain in judicial custody after the Rajasthan High Court on Saturday rejected their bail pleas in a ₹30 crore cheating and criminal breach of trust case. The ruling marks a significant setback for the couple as investigators continue to probe the alleged financial irregularities.
While dismissing the bail applications, the High Court observed that granting relief at this stage would not be appropriate, given the seriousness of the allegations and the ongoing nature of the investigation. Justice Vinod Kumar Bharwani took into account the prosecution’s submission that custodial interrogation of the accused was still required and that their release could potentially hamper the probe.
The Special Public Prosecutor strongly opposed the bail pleas, arguing that the investigation is at a crucial stage and that the accused, including the Bhatts, need to be available for further questioning. The prosecution also raised concerns that releasing the accused could lead to the influencing of witnesses or tampering with evidence.
Vikram Bhatt and Shwetambari Bhatt were arrested by the Rajasthan Police on December 7 from Mumbai and subsequently brought to Udaipur. Since their arrest, the couple has remained in judicial custody. The case originates from a complaint filed by Ajay Murdia, the founder of Indira IVF and Fertility Centre and a resident of Udaipur.
In his complaint, Murdia accused Vikram Bhatt, his wife, and other associates of cheating and criminal breach of trust. He alleged that an amount of ₹30 crore was misappropriated under the guise of film production. According to the complaint, the funds were transferred to Bhatt and his associates for producing films for the complainant but were allegedly diverted for personal use.
The complainant further alleged that the money was routed through fabricated bills prepared under multiple names. These bills were allegedly used to justify transfers, while the funds were ultimately deposited into the personal accounts of the accused rather than being utilised for legitimate film production expenses.
Along with Vikram Bhatt and Shwetambari Bhatt, two other individuals were also arrested in connection with the case on December 7. They include Udaipur-based Dinesh Kataria and Bhatt’s manager, Mehboob Ansari. All four accused are currently in custody as the investigation progresses.
Bhatt’s legal team has consistently denied the allegations, maintaining that the case is being misrepresented. His lawyer, Kamlesh Dave, has earlier described the police action as unwarranted and premature. Speaking to ANI, Dave claimed that all financial transactions were carried out with the full knowledge and consent of both parties.
“Every payment was made in the knowledge of both parties. There were no fake or bogus bills. The agreement was to make two films initially and another two under a rolling finance arrangement,” the lawyer stated. The defence has also alleged that the police initiated action without proper examination of documentary evidence, claiming that the case proceeded “based only on the FIR and not documents.”
Earlier, the Rajasthan High Court had also refused to quash the FIR filed against Bhatt, rejecting the argument that the dispute was purely civil in nature. The court observed that the allegations went beyond a contractual disagreement and involved serious claims of financial misappropriation, which justified a criminal investigation.
With bail denied once again, Vikram Bhatt and Shwetambari Bhatt remain behind bars as authorities continue to examine financial records, transactions, and statements related to the alleged misuse of funds. The case is expected to see further legal developments as the investigation moves forward.
