In a significant development in a high-profile financial fraud case, the Rajasthan Police on Sunday arrested noted filmmaker Vikram Bhatt and his wife, Shwetambari Bhatt, from Mumbai. The arrest comes in connection with an alleged ₹30 crore scam involving Udaipur-based businessman Dr. Ajay Mudiya, owner of the Indira Group of Companies. The couple was taken into custody from Ganga Bhavan Apartments in the Yari Road area, believed to be the residence of Bhatt’s sister-in-law.

Udaipur Superintendent of Police (SP) Yogesh Goyal confirmed the arrests and stated that the police will seek transit remand from a Bandra court to bring the accused to Udaipur for further interrogation. According to SP Goyal, the case was initially registered on November 17 after Dr. Mudiya filed a detailed complaint accusing Vikram Bhatt, his wife, and eight others of cheating him in the name of producing multiple films, including a biopic.

How the Alleged Fraud Began

The dispute traces back to a meeting between Dr. Ajay Mudiya and film producer Dinesh Katariya at a social event. Katariya reportedly suggested producing a biopic centered on Mudiya’s wife, claiming the film would showcase her contributions to the nation. The idea intrigued Mudiya, eventually leading to a meeting at Vrindavan Studio in Mumbai on April 24, 2024, where he met Vikram Bhatt.

According to the FIR, Bhatt agreed to handle the entire filmmaking process while Mudiya was expected to provide financial support. During the discussion, Bhatt allegedly informed Mudiya that his wife, Shwetambari, and daughter, Krishna, were also involved in filmmaking. He reportedly added Shwetambari’s firm, VSB LLP, as a partner in the project.

A contract worth ₹40 crore was subsequently signed for two films titled Biopic and Maharana. Believing the assurances, Dr. Mudiya transferred ₹2.5 crore to Bhatt via RTGS on May 31, 2024. Shortly after, he was asked to provide an additional ₹7 crore, with Bhatt and his associates allegedly promising to produce four films with a total budget of ₹47 crore, projecting profits between ₹100 crore and ₹200 crore.

Dr. Mudiya stated that based on the demands, he made payments to various vendors listed by Bhatt and his team. He also established a firm, Indira Entertainment LLP, on July 2, 2024, from which he made further transactions amounting to approximately ₹3 lakh. However, as discrepancies and suspicious developments surfaced in the ensuing weeks, Mudiya realised that he may have been deceived and decided to approach law enforcement.

Legal Action and Arrests

An FIR was registered by Bhopalpura police in Udaipur on November 8, 2025, under sections 318(4), 316(2), 336(3), 340(2), and 61(2) of the Bharatiya Nyay Sanhita (BNS). These sections broadly relate to cheating, criminal conspiracy, and breach of trust under the newly implemented criminal code.

On November 29, the Udaipur Police issued a lookout notice against Vikram Bhatt, his wife Shwetambari, and six others implicated in the case. The notice warned them against travelling abroad without police permission and directed them to appear before investigators by December 8.

In response to media attention surrounding the case, Vikram Bhatt had earlier stated that he had not been served any official notice and came to know about the allegations only through news reports. Despite these claims, police proceeded with the arrest after tracing the couple to the Yari Road residence.

SP Yogesh Goyal noted that the investigation is still active and more individuals may be called in for questioning. Police are examining financial documents, contracts, bank records, and communication between the parties involved to determine the extent of the alleged conspiracy. Authorities have not ruled out the possibility of additional arrests as the investigation progresses.

What’s Next

The arrest of a well-known filmmaker has generated considerable public attention, raising questions about the intersection of the entertainment industry and large-scale financial dealings. The Rajasthan Police are expected to present evidence before the court and seek custody of the accused to facilitate further interrogation. Meanwhile, Dr. Mudiya is cooperating with investigators and providing supplementary documents to support his allegations.

With the case still unfolding, more details are likely to emerge in the coming days as investigators piece together the financial transactions and agreements central to the alleged ₹30 crore fraud.