The Supreme Court granted gashila or interim bails to filmmaker Vikram Bhatt and his wife, Smt. Shwetambari Bhatt, in a grand ₹30 crore scam case, now to be heard further on 19 February 2026. The couple has been in judicial custody since early December 2025, following their arrest in connection with the investigating case.
Instant Pre-requisites bypassing Supreme Court order
A bench, chaired by Chief Justice Surya Kant, with Justice Joymalya Bagchi concurring, issued interim release orders instructing thereby the Additional Sessions Judge to frame bail terms and sureties, and notices were issued to the complainant, Dr Ajay Murdia (Indira IVF), and Rajasthan State under the imprimatur of the Chief Justice Benchs’ proceeding.
The order of the bench is confounding in that it says that the two should be released on interim bail-the last order visits upon the same view in the ongoing proceedings, subject to examination on February 19 by the High Court; it gives the highest emphasis on the state that interim bail cannot be misconstrued as exoneration and that it is subject only to the conditions specifically imposed and ordered by the court.
Allegations of ₹30 crore at the crux of the case
According to the FIR filed in Udaipur, the complaint argues that more than ₹30 crore of investment-led finance was diverted into personal accounts, for non-fulfilling purposes instead of agreed upon projects. The allegation specifies that fake bills were made under various names simply to facilitate the transaction, deceptively removing the leading traces of money.
The proposed film was presented as a biopic to pay homage to the complainant’s late wife and promise healthy profits, the complaint interpreted as one of cheating and criminal breach of trust rather than a stark breach of contractual agreements.
Points raised by the Defence and historical judicial exchanges
Vikram Bhatt has lodged his defense countering these allegations. He argued through his counsel that every payment was transparently made and with mutual agreement, as the mutual agreement subsides for the financial support of two initial films and another pair ahead under the rolling finance plan.
The Bhatts had sought relief from the High Court the last time, but the petition stood rejected on January 31, 2026. So too was their bail plea rejected on this date owing to the court’s observation on the gravity of the allegation of misappropriation. On a different note, the lawyer for the Bhatts argued in the Supreme Court that it is unnecessary to keep prime accused in custody without a full hearing.
Arrests, co-accused and related complaints
Rajasthan Police arrested Vikram and Shwetambari Bhatt in Mumbai early in December 2025 and brought them to Udaipur for questioning. In the same process, Dinesh Kataria of Udaipur and the couple’s manager, Mehboob Ansari, were also picked up.
In another case in January, a duplicate charge accused the director and his daughter, Krishna Bhatt Sarda, of cheating a businessman out of ₹13.5 crore in an unrelated deal. An ongoing investigation by the authorities into all connected matters will ascertain the payment authorized through bills and bank transfers.
What to expect next and wider implications
The apex court will take up the complex hearing on February 19, and it is expected that parties will speak on the nature of the dispute, the evidence concerning diversion and whether the allegations amount to criminal breach of trust. The decision will depend on the facts reflected in the documents and the credibility of financial declarations.
The case, from a movie industry and investor perspective, gives some insights on the legal consequences of severe advances made on unadvised and non-transparent terms. In legal terms, the interim release extended to the couple further buttresses procedural safeguards for protection of the accused even as the investigation continues, and thus safeguards the presumption of innocence till the time they are found guilty.
