JODHPUR, Feb. 1 -- The Rajasthan high court on Saturday refused to grant bail to Mumbai-based film producer Vikram P Bhatt, his wife Shwetambari V Bhatt, and co-accused Mehboob Ansari in a case related to alleged multi-crore fraud and criminal conspiracy linked to film production. A bench of justice Vinod Kumar Bharwani dismissed the separate bail applications filed by the three accused, saying that the investigation is still in progress and bail is not justified at this stage. The case is connected to an FIR registered at Bhupalpura police station in Udaipur district. According to the complaint filed by Dr Ajay Murdia, an agreement was signed with Vikram Bhatt on May 24, 2024, for the production of four films for about Rs.47 crore. It was alleged that more than Rs.42 crore was later paid in phases through Indica Entertainment LLP to different vendors. However, only one film was released, the second was left incomplete, only about 25% of the third film was made, and shooting of the fourth film never began. The court was also told that on October 23, 2025, accountant Rakesh Panigrahi informed the complainant that Vikram Bhatt, Shwetambari Bhatt, Dinesh Kataria, Mehboob Ansari, and others had allegedly cheated him of around Rs.30 crore by using fake bills, vouchers, and payment records as part of a criminal conspiracy. The accused argued that the dispute was purely a business matter and had been wrongly given a criminal colour. They also claimed that two films had been completed and work on the remaining films stopped due to non-payment by the complainant. After hearing both sides, the bench said the investigation against the accused is still pending and granting bail at this stage would not be appropriate....