Archive · 25 Jun 2025
Mumbai Court Rejects Bail for Ecstasy Realty Directors in ₹600 Crore Fraud
Imagine some people borrowed a lot of money, like $600 million, for a real estate project.
The company that loaned the money said the people in charge didn't use some of the money correctly.
Instead of using it for the project, they sent it to other companies they controlled and their own personal accounts.
The court didn't believe their side of the story and said they have to investigate where the money went.
The people in charge said they already complained about the company that gave them the loan.
Mumbai Sessions Court denied anticipatory bail to Ecstasy Realty directors.
The case involves an alleged Rs 600 crore fraud filed by Edelweiss Asset Reconstruction Company Ltd.
Directors are accused of diverting Rs 141.95 crore out of Rs 144.5 crore meant for a construction project.
The diverted funds went into accounts of other companies and the directors' personal accounts.
The directors claim the FIR is a counterblast to two complaints filed by Ecstasy Realty.
- Who
- Directors of Ecstasy Realty Pvt Ltd and Edelweiss Asset Reconstruction Company Ltd.
- What
- Sessions court denied anticipatory bail in a Rs 600 crore fraud case.
- When
- Not specified in the article.
- Where
- Mumbai, India
- Why
- The court found the alleged diversion of funds needed investigation by the Economic Offences Wing.
Ecstasy Realty Directors
Edelweiss Asset Reconstruction Company Ltd.
FIR Legitimacy
Ecstasy Realty Directors
Claim the FIR is a counterblast to their complaints.
Edelweiss Asset Reconstruction Company Ltd.
Court found the alleged diversion of funds needs investigation.
- Accused
- Pulin Bole, Shivani Varma, Shobhit Rajan
- Company
- Ecstasy Realty Pvt Ltd (ERPL)
- Complainant
- Edelweiss Asset Reconstruction Company Ltd (EARCL)
- Amount Alleged Fraud
- Rs 600 crore
- Funds Allegedly Diverted
- Rs 141.95 crore