Director Vikram Bhatt and his wife, Shwetambari Bhatt, have been put into judicial custody, as the court denied them bail in an alleged case of financial fraud of ₹30 crore. The court also denied them relief in their plea for an extension based on medical reasons, as the arguments put forth before the court were not adequate for granting them bail in this phase.
As reported by investigators, the case is connected to financial discrepancies involving investment transactions and misappropriation of funds. It is alleged that the suspect deceived investors by promising them high returns, whereas the money was diverted for personal use.
The government argues that the size of the fraud and the number of plaintiffs justify the seriousness of this economic crime. The investigating agency has indicated in court that interrogations are required to track funds and potential accomplices.
Bail Plea Rejected by Court
During the court session, bail was asked for by the defence based on health concerns, seeing that the arrest might negatively impact the health of the couple. However, the court was not impressed, reasoning that good health care is offered in prison and that there is no health emergency.
The court held that economic offences requiring large amounts of money attract very strict scrutiny, especially where the inquiry is at a critical stage.
Legal Team Responds
Legal attorney for Vicram Bhatt has reacted to the court’s ruling with disappointment and has announced that legal options will still be sought. The defence argument is that the charges are overstated, and the matter appears to arise from a commercial dispute.
On the other hand, the defence attorney felt that releasing the defendant on bail at this stage may affect the ongoing investigation.
Industry Reaction and the Future Ahead
This has caused a stir in the movie industry, where there are a few people Vikram Bhatt has previously directed in renowned films. Although there have been people who have chosen not to comment on the issue, there have been those who have called for caution until the investigations are done. This case is expected to go on trial once again in the coming days while the investigation team is still collecting the financial statements. Vikram Bhatt and Shwetambari Bhatt will, therefore, spend more days under judicial custody.
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