After spending several weeks in jail, filmmaker Vikram Bhatt and his wife Shwetambari Bhatt have been granted regular bail by the Supreme Court of India in a multi-crore cheating case linked to a proposed biopic project.
The couple had been arrested by the Rajasthan Police in December and were lodged in Jodhpur Central Jail. The case stems from a complaint filed by Ajay Murdia, who alleged that he was persuaded to invest over ₹30 crore in a biopic based on his late wife Indira, with assurances of substantial returns that allegedly did not materialise. Murdia is the founder of Indira IVF.
Supreme Court Sets Aside High Court Order
A bench headed by Chief Justice Surya Kant, along with Justices Joymalya Bagchi and Vipul Pancholi, set aside the earlier order of the Rajasthan High Court that had denied bail to the Bhatts.
While granting regular bail, the apex court observed that the dispute appeared to be largely commercial in nature, despite the inclusion of cheating charges in the FIR. The bench suggested that mediation could provide a constructive path forward and directed both parties to approach the Supreme Court Mediation Centre to explore an amicable settlement.
The court noted that bail was granted with the expectation that efforts would be made toward resolving the financial dispute.
Courtroom Arguments
Senior Advocate Siddharth Dave represented the Bhatts, while Senior Advocate Vikas Singh appeared for the complainant. Singh informed the court that another FIR had been registered against Vikram Bhatt in Mumbai in a separate cheating case, raising concerns about the filmmaker’s financial dealings.
He alleged that funds were being raised based on Bhatt’s past reputation and routed into a company facing financial difficulties.
In response, Dave argued that the money was being utilised to complete ongoing film projects. He told the court that four films had been contracted, two were completed, and a third was around 70 per cent finished. Continued custody, he argued, would hinder the completion of these projects.
With the Supreme Court’s order, the focus now shifts to mediation proceedings and the possible resolution of the high-profile financial dispute.