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A special court for Central Crime Branch-CBCID cases in Chennai on Thursday rejected a bail plea filed by Yogendra Vasupal, director of homestay aggregator Stayzilla.
The Special Metropolitan Magistrate granted a day’s custody of Vasupal to the Central Crime Branch. He was arrested on March 14 on charges of fraud and criminal intimidation.
The case against Vasupal was filed by Aditya CS, owner of Jigsaw Solutions, for not paying dues of ₹1.7 crore.
In his bail application, Vasupal claimed that he was merely an employee / director of Inasra Technologies, which runs Stayzilla, and that he is “controlled and managed by investors based in Mumbai.”
He submitted that as the matter was a civil dispute and he was not personally liable, he should be allowed bail.
Vasupal also claimed that Jigsaw Solutions had already been paid ₹6.5 crore out of the total due of ₹8 crore and the rest had not been paid because of “non-performance of the obligations of the contract”.
Several entrepreneurs and VC funds have condemned the arrest of Vasupal, saying that the matter is a civil case and there was hence no need to arrest him.
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