Key Points
- Vikram Bhatt and wife Shwetambari arrested in alleged ₹30 crore fraud case filed in Udaipur
- Arrest made from sister in law’s flat in Mumbai’s Yari Road area, after a lookout notice was issued
- Complainant is IVF specialist Dr Ajay Murdia, founder of Indira Group of Companies / Indira IVF in Udaipur
- Allegation, Bhatt’s team promised a biopic and other films, claiming potential returns of around ₹200 crore on a roughly ₹30 crore investment
- FIR says agreements later expanded the plan from one biopic to four films with a budget of about ₹47 crore, but only one film was released and one completed
- Rajasthan Police are seeking transit remand from a Mumbai court to take the couple to Udaipur for detailed questioning
- Bhatt had earlier publicly dismissed the allegations as fabricated, saying the police had been misled
- Police are examining alleged forged vendor bills, self cheques and transfers to unrelated entities to track where the money went
Filmmaker director Vikram Bhatt, 56, has been arrested by a team of Rajasthan Police from Mumbai in connection with an alleged cheating and fraud case worth about ₹30 crore, registered in Udaipur last month. He was picked up from a flat in the Yari Road area of Mumbai, described by officials as his sister in law’s residence, after a team from Udaipur travelled to the city to execute the arrest.
Along with Vikram Bhatt, his wife, Shwetambari Bhatt, has also been taken into custody, and both underwent mandatory medical examinations before police initiated the process to obtain their transit remand. Rajasthan Police say they intend to bring the couple to Udaipur, where the FIR was filed, for sustained interrogation and further investigation of financial records and contracts related to the film projects in question.
Complaint by IVF Doctor, Promises of Huge Profits
The case originates from a complaint filed by Udaipur-based IVF specialist Dr Ajay Murdia, founder of the Indira IVF / Indira Group of Companies, who alleges that Bhatt, his wife and several associates induced him to invest over ₹30 crore. According to the FIR, he was told that the money would fund a biographical film about his late wife, highlighting her life story and the couple’s work in fertility treatment, and that the project could generate earnings in the range of ₹200 crore.
The complaint states that initial discussions began in 2024, when Dr Murdia was introduced to producer Dinesh Kataria and later met Vikram Bhatt at a Mumbai studio to formalise the idea of the biopic. The FIR alleges that Bhatt and his team repeatedly assured the doctor that they would handle the entire production process, from scripting and casting to marketing and distribution, portraying the project as a prestigious and commercially lucrative venture.
From One Biopic to Four Films, FIR Alleges Escalating Demands
According to the FIR, a term sheet was first signed around May 2024 between Dr Murdia’s side and Bhatt’s company for two films with a combined budget of about ₹40 crore, after which an initial payment of ₹2.5 crore was transferred. The complaint further claims that Bhatt later visited Udaipur and persuaded the doctor to expand the slate to four films with a total project cost of roughly ₹47 crore, and an additional agreement was signed in June 2024 reflecting the expanded plan.
In July, a new entity named Indira Entertainment LLP was reportedly formed, with equal partnership between Murdia and a member of the Bhatt family, and previous contractual commitments were shifted to this joint venture, according to the FIR. The complainant says that over time he released more and more funds based on these agreements, ultimately paying upwards of ₹42 crore, close to the full committed amount, yet only one film was released, one was said to be complete, a third was partially shot and the fourth never went on the floors.
Allegations of Misuse of Funds, Forged Bills and Pressure Tactics
The FIR alleges that vendor invoices for equipment, services and production costs began to arrive without proper approvals, prompting the doctor to appoint an accountant to verify each bill, but despite this, large sums were allegedly routed to individuals and firms not directly linked to the contracted work. It further claims that money to the tune of about ₹2.45 crore was transferred to certain companies but diverted to Bhatt’s other film projects, along with withdrawals against self signed cheques, raising serious doubts about the utilisation of the investment.
According to the complaint, whenever Dr Murdia questioned the spending or raised objections to allegedly inflated bills, shooting work was slowed or halted, which he interpreted as an attempt to pressure him to keep paying. The FIR also mentions alleged forged vendor claims worth roughly ₹2.46 crore and states that after he resisted further payments, demands rose by nearly ₹11 crore and he was threatened with consequences if he pursued legal action or insisted on recovering project assets and material.
Lookout Notice, Transit Remand and Ongoing Probe
Before the arrest, Udaipur Police had reportedly issued a lookout notice around November 29 against Vikram Bhatt, his wife Shwetambari and several others named in the case, instructing them to appear before investigators by December 8 and barring them from travelling abroad without permission. After they allegedly failed to appear, a Rajasthan team moved to Mumbai, coordinated with local authorities and detained the couple from Yari Road, with police now seeking transit remand from a Bandra court to produce them before a Udaipur court.
Officials say they are now scrutinising agreements, bank transactions, vendor records and communication between all parties to establish who controlled the funds and whether criminal breach of trust, cheating or forgery can be proven in court. Investigators have indicated that more arrests are possible, and have stressed that the exact nature of the alleged fraud, including the role of each accused, will become clear only after a detailed forensic audit of the financial trail and completion of the investigation.
Vikram Bhatt’s Earlier Denial of Allegations
Prior to his arrest, Vikram Bhatt had publicly dismissed the accusations, calling the complaint baseless and claiming that the police had been misinformed about the nature of his dealings with the complainant. He maintained that he had not received any formal notice initially and only learned of the FIR through media reports, reiterating that he would cooperate with the law and that the truth would emerge in due course.
With Bhatt and his wife now in custody and the matter gaining nationwide attention, the case has raised fresh questions about celebrity led investment pitches, high return promises and the due diligence investors must conduct before committing large sums to film and entertainment projects.
