A Mumbai sessions court has declined anticipatory bail for four directors of Ecstasy Realty Private Limited, who are implicated in a ₹600 crore financial fraud case. Additional sessions judge NG Shukla rejected the pre-arrest bail applications submitted by Pulin Bole, Shivani Verma, Shobit Rajan, and Pranav Bajaj. The detailed rationale for this decision has not yet been released.
The Economic Offence Wing (EOW) initiated an FIR against Ecstasy Realty and its directors, following a complaint lodged by Edelweiss Asset Reconstruction Company Limited (EARCL). The FIR alleges that ₹600 crore, acquired through secured Non-Convertible Debentures (NCDs) for a residential development, was illicitly diverted through intricate transactions, benefiting the company’s promoters and affiliated entities.
The defendants had sought pre-arrest bail, maintaining their innocence and asserting that the FIR was filed with the sole intent to “harass and humiliate” them. They contended that the FIR lacked any accurate allegations. Additionally, they argued that the registration of the FIR was “inexplicably and unjustifiably” delayed, considering the alleged offenses occurred between March 2018 and March 2023. This delay, they claimed, indicated that the accusations were an afterthought and deliberately fabricated to implicate them. Despite these arguments, the court dismissed their applications.
