Filmmaker Vikram Bhatt and Wife Face Judicial Custody in ₹30 Crore Fraud Case

Post by : Mina Rahman

Vikram Bhatt and his wife Shwetambari Bhatt have found themselves embroiled in a significant fraud case, leading to their arrest last week and subsequent placement in judicial custody. Following a plea for medical bail on Tuesday, Udaipur Court denied their request, resulting in a continued stay in custody as authorities work on a chargesheet pertaining to the ₹30 crore fraud.

Mandated by the Additional Senior Civil Judge and Additional Chief Magistrate, the couple will remain in police custody for an additional seven days in relation to the IVF fraud allegations.

The Fraud Allegations Explained

The case originated with businessman Dr. Ajay Murdia, who reported meeting Dinesh Kataria at an event, where a proposal was made to create a biopic centered around Murdia's spouse. On April 24, 2024, Kataria facilitated a meeting between Murdia and Vikram Bhatt in Mumbai to explore this project further.

As detailed in the FIR, Dr. Murdia alleges that Vikram Bhatt and his wife guaranteed a return on investment should he contribute an initial sum of ₹7 crore, promising four films would be created for ₹47 crore, with potential profits claimed to be between ₹100 and ₹200 crore.

However, Dr. Murdia contends that they defrauded him of over ₹30 crore under the guise of promises regarding the films. According to police sources, the couple reportedly submitted fictitious invoices and documentation to misappropriate these funds.

Rejection of Medical Bail

Since their arrest on December 7, Vikram and Shwetambari have been in judicial custody. On Tuesday, their attorney sought interim bail citing medical reasons, a request that was afterwards denied by the court. Udaipur DSP Suryaveer Singh confirmed that they will be relocated to Udaipur Central Jail as a result of this decision.

This unfolding situation has triggered considerable discourse within the film industry regarding investment scams, quickly rising to prominence on social media as a discussion point that underscores the hazards linked to high-stakes film financing.