On Friday, a sessions court in Mumbai denied anticipatory bail to four directors of Ecstasy Realty Private Limited in connection with a financial fraud case amounting to Rs 600 crore. The pre-arrest bail applications of Pulin Bole, Shivani Verma, Shobit Rajan, and Pranav Bajaj were dismissed by Additional Sessions Judge NG Shukla.
The detailed order has not yet been made available. The Economic Offence Wing (EOW) initiated an FIR against Ecstasy Realty and its directors following a complaint from Edelweiss Asset Reconstruction Company Limited (EARCL). According to the FIR, Rs 600 crore that was raised through secured Non-Convertible Debentures (NCDs) for a residential project was allegedly misappropriated through complex transactions, benefiting the promoters and associated entities.
The accused requested pre-arrest bail, asserting their innocence and arguing that the FIR was filed with “the sole intention to harass and humiliate” them. Their pleas contended that the FIR does not contain any valid allegations.
The FIR was filed after an “inexplicable and unjustifiable” delay regarding the alleged offence that occurred between March 2018 and March 2023, indicating that the accusations against them are an afterthought and have been falsely constructed to implicate them, the plea further stated. Nevertheless, the court denied their requests for bail.
