Mumbai, India – A Mumbai sessions court on Friday rejected the anticipatory bail applications of four directors associated with Ecstasy Realty Private Limited in a significant ₹600 crore financial fraud case. Additional Sessions Judge N.G. Shukla issued the denial, though the detailed order outlining the court’s reasoning has not yet been made publicly available.
The Economic Offence Wing (EOW) had initiated a First Information Report (FIR) against Ecstasy Realty and its directors following a complaint lodged by Edelweiss Asset Reconstruction Company Limited (EARCL).
According to the FIR, the core allegation is that ₹600 crore, raised through secured Non-Convertible Debentures (NCDs) designated for a residential project, was illicitly diverted. This siphoning off of funds allegedly occurred through complex, layered transactions that benefited the company’s promoters and associated entities.
The individuals whose pre-arrest bail pleas were denied include Pulin Bole, Shivani Verma, Shobit Rajan, and Pranav Bajaj.
In their defense, the accused asserted their innocence, contending that the FIR was registered with the sole intention to harass and humiliate them. They further argued that the FIR contained no accurate allegations and that its lodging suffered from an “inexplicable and unjustifiable” delay. The alleged offense spanned from March 2018 to March 2023, which, according to their plea, suggests the accusations were an “afterthought” and falsely fabricated to implicate them.
However, the court ultimately rejected these arguments and denied their pleas.
