After spending several weeks behind bars, 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 related to a proposed biopic project. The couple had been arrested by the Rajasthan Police last December and were lodged in Jodhpur Central Jail.
The case was filed by Ajay Murdia, who alleged that he was induced to invest over ₹30 crore in a biopic on his late wife Indira with the promise of high returns that never materialised. Ajay is the founder of Indira IVF in Udaipur.
Supreme Court sets aside Rajasthan High Court order
A bench led by Chief Justice of India Surya Kant, and comprising Justice Joymalya Bagchi and Justice Vipul Pancholi, set aside the Rajasthan High Court’s previous order denying bail to the Bhatts. The apex court, while granting regular bail, noted that the dispute appeared to be primarily commercial in nature and recommended mediation as a possible way forward.
“It seems to us that dispute essentially pertains to a commercial transaction, though the ingredients of committing offence of cheating etc have been expressly mentioned in the FIR. Be that as it may, it may be appropriate for the parties to resolve the disputes through mediation,” the bench observed.
The order added that “The regular bail has been granted with the expectation that the appellants will try and make efforts for the amicable resolution of the dispute.” The court also directed both parties to appear before the Supreme Court Mediation Centre to explore a potential settlement regarding the financial dispute.
Arguments from both sides
During the hearing, Senior Advocate Siddharth Dave appeared on behalf of the Bhatts, while Senior Advocate Vikas Singh represented the complainant, Ajay Murdia. Vikas told the court that while he did not oppose bail for the sake of mediation, there was another FIR registered against Vikram Bhatt in Mumbai in a separate cheating case.
“His company is in difficulty and he is asking money based on his past reputation, people are giving money, and he is using the money into his own company which is going into liquidation,” Vikas said.
Responding to the allegations, Dave argued that Vikram had been using the funds to complete ongoing film projects. He said that four films had been contracted, two of which were completed, while the third was 70 per cent done. “If Bhatt remains in custody, he will not be able to complete the projects,” Dave told the court.
Background and next steps
The alleged investment fraud came to light late last year when Ajay approached the police, claiming financial deception tied to the production of a biopic. Following his complaint, the Rajasthan Police arrested the filmmaker and his wife, citing evidence of unfulfilled contractual promises.
With the Supreme Court’s latest order, Vikram and Shwetambari Bhatt have been released on regular bail, but the case remains under judicial scrutiny as both parties prepare to appear before mediators in the coming weeks.
