In a major relief for Bollywood director Vikram Bhatt and his wife Shwetambari, the Supreme Court has granted them regular bail in a high-profile fraud case involving over Rs 30 crore. The apex court not only approved their bail but also urged both parties to explore mediation to resolve the dispute amicably.
The decision comes days after the court had provided interim bail on humanitarian grounds on February 13, criticizing the idea that jailing individuals could recover lost funds. The bench had also issued notices to Rajasthan Police, questioning the arrest’s validity.
Overturning a Rajasthan High Court ruling, the Supreme Court ordered the couple’s release on Thursday, with bail conditions to be set by the Udaipur trial court. Vikram Bhatt had been in custody since December 7, after his bail plea was rejected by the high court, prompting an appeal to the top court.
The allegations stem from a deal where the Bhatts allegedly lured Dr. Ajay Murdia, founder of Indira Group of Companies, into investing over Rs 30 crore for a biopic on his late wife and three other films. Promises of hefty returns failed to materialize as projects stalled post partial shooting, leading to evasion when repayments were demanded.
Dr. Murdia, a prominent IVF specialist with centers across India starting from Udaipur, approached Bhatt to immortalize his wife’s story on screen. Frustrated by delays and excuses, he turned to the courts.
This isn’t the only legal trouble for the Bhatts. Vikram and his daughter face another fraud accusation involving Rs 13.5 crore from a different businessman, alleging similar investment scams.
The Supreme Court’s intervention highlights ongoing debates on bail in economic offenses, balancing investor protection with personal liberty. As mediation is suggested, the film industry watches closely, wondering if this marks a turning point in Bhatt’s turbulent career.