The case has drawn widespread attention due to the serious financial allegations involved and the high-profile status of the filmmaker, who is known for directing several popular Bollywood films.
Bail Plea Rejected: Court Orders Continued Judicial Custody
On Tuesday, Vikram Bhatt and Shwetambari appeared before the court seeking interim bail, citing medical reasons. However, after hearing the arguments, the court declined to grant relief and ordered that both be sent back to judicial custody.
According to Udaipur DSP Suryaveer Singh, the court has directed that the accused be lodged at the Central Jail in Udaipur. Speaking to ANI, the senior police officer confirmed that the legal process is ongoing and that the investigation is nearing a crucial stage.
With the bail plea rejected, the couple is likely to remain behind bars for several more days as investigators finalize the chargesheet in the case.
Details of the ₹30 Crore Fraud Case Against Vikram Bhatt
The fraud case has been filed by Dr Ajay Murdia, a businessman and film producer, who has accused Vikram Bhatt, his wife, and six other individuals of cheating and criminal breach of trust.
In his complaint to the Udaipur Police, Dr Murdia alleged that he was lured into investing large sums of money based on false promises related to multiple film projects.
The FIR claims that the accused misrepresented facts, provided fake documentation, and siphoned off funds amounting to more than ₹30 crore, under the guise of film production expenses.
How the Alleged Fraud Began: The Initial Meeting
According to the police complaint, Dr Ajay Murdia first came in contact with Dinesh Kataria at an event. During this meeting, Kataria reportedly proposed the idea of making a biopic on Murdia’s wife.
Subsequently, on April 24, 2024, Kataria introduced Dr Murdia to Vikram Bhatt during a meeting in Mumbai. This meeting reportedly marked the beginning of discussions around film projects and potential investments.
What initially appeared to be a promising collaboration soon escalated into a complex financial arrangement involving multiple films and large sums of money.
Promises of Multiple Films and Massive Profits
As per the FIR, Vikram Bhatt and Shwetambari allegedly assured Dr Murdia that if he invested an initial amount of ₹7 crore, followed by additional funding, they would produce four films with a total budget of ₹47 crore.
The complaint further alleges that the accused promised that these films would collectively generate profits in the range of ₹100–200 crore, making the investment highly lucrative.
Trusting these assurances, Dr Murdia reportedly agreed to fund the projects. However, he later claimed that the promised films were either not made as per plan or were used as a cover to divert funds.
Allegations of Fake Bills and Financial Misrepresentation
One of the most serious allegations in the case is the use of fake bills and forged documents. According to the police investigation, the accused allegedly created false expense records to justify withdrawals and transfers of funds.
Investigators believe that more than ₹30 crore was siphoned off through this method, causing significant financial loss to the complainant.
Police officials have stated that financial records, bank transactions, and production-related documents are being scrutinized as part of the probe.
Arrest and Judicial Custody: Timeline of Events
Vikram Bhatt and his wife were arrested on December 7 following preliminary investigations and questioning. After their arrest, they were produced before an Udaipur court, which remanded them to judicial custody.
Since then, the couple has remained in custody while their legal team explored options for interim relief. The recent rejection of bail means that they will continue to remain incarcerated as the investigation progresses.
Authorities have indicated that the chargesheet is being prepared, suggesting that the case may soon move into the next legal phase.
Police Investigation and Chargesheet Preparation
Sources within the police department have confirmed that investigators are working to compile all evidence, including:
Financial transaction records
Alleged fake invoices and bills
Statements from witnesses and co-accused
Details of film project expenditures
Once the chargesheet is filed, the court will formally take cognizance of the case, and the trial process will begin.
The police have maintained that the allegations involve serious financial misconduct and that custodial interrogation and continued custody are necessary to ensure a fair investigation.
Legal Troubles Add to Vikram Bhatt’s Challenges
Vikram Bhatt, a well-known name in the Hindi film industry, has directed several commercially successful films over the years. However, this case has cast a shadow over his professional legacy, bringing intense media scrutiny and public attention.
Legal experts note that fraud cases involving large sums and multiple accused often take considerable time to resolve, especially when financial forensics and documentation play a central role.
What Lies Ahead for Vikram and Shwetambari Bhatt?
With bail denied and the investigation ongoing, the immediate future appears challenging for Vikram Bhatt and his wife. Their legal team may explore alternative legal remedies, including approaching a higher court for bail.
Meanwhile, the filing of the chargesheet is expected to clarify the exact nature of charges and the prosecution’s case against the accused.
As the case unfolds, it is likely to remain in the spotlight due to the high-profile individuals involved and the substantial financial implications.
Conclusion
The denial of bail to Vikram Bhatt and Shwetambari Bhatt in the alleged ₹30 crore fraud case marks a significant development in the investigation. With the court ordering continued judicial custody, the focus now shifts to the police chargesheet and the upcoming legal proceedings.
As authorities dig deeper into the alleged financial irregularities, the case serves as a stark reminder of the legal and ethical responsibilities that come with high-value investments in the film industry. The coming weeks will be crucial in determining how this high-profile fraud case progresses through the judicial system.
