A sessions court in Mumbai on Friday denied anticipatory bail to four directors of Ecstasy Realty Private Limited in a ₹600-crore financial fraud case.

Additional sessions judge NG Shukla rejected the pre-arrest bail pleas of Pulin Bole, Shivani Verma, Shobit Rajan and Pranav Bajaj. The reasoned order was not made available as yet.

The Economic Offence Wing (EOW) had registered an FIR against Ecstasy Realty and its directors based on a complaint by Edelweiss Asset Reconstruction Company Limited (EARCL).

As per the FIR, ₹600 crore raised via secured Non-Convertible Debentures (NCDs) for a residential project was fraudulently siphoned off through layered transactions, benefiting promoters and related entities.

The accused sought pre-arrest bail claiming they were innocent and contending that the FIR was registered with "the sole intention to harass and humiliate" them.

No correct allegations are contained in the FIR, their pleas claimed.

The FIR has been lodged after an "inexplicable and unjustifiable" delay for the alleged offence committed between March 2018 and March 2023, which suggests the allegations against them are an afterthought and have been falsely fabricated to implicate them, the plea added.

The court, however, rejected their pleas.

Published on June 20, 2025