Chennai: The Special Court for Central Crime Branch - CBCID, Egmore at Allikulam has dismissed the bail petition of Yogendra Vasupal, co-founder of homestay startup, Stayzilla, who was arrested on a charge of cheating Rs 1.7 crore.
The Special Metropolitan Magistrate for CCB-CBCID cases M.M. Kabir has also granted one-day police custody for the accused and directed the CCB police to produce the accused before the court on Friday at 3 pm.
Vasupal had outstanding dues amounting to Rs 1.72 crores to Jigsaw – a Chennai-based advertisement company - which was executing all the advertisement campaigns since the inception of Stayzilla. Without settling the amount, Vasupal suddenly closed the business in February.
Based on a complaint from C. S. Aditya of Jigsaw the CCB personnel registered a case against Vasupal and his partner Sarjit Singhi for offences under Sections 406 (Punishment for criminal breach of trust), 420 (Cheating), 506 (i) (Criminal Intimidation) of the IPC.
Vasupal was arrested and remanded to Puzhal prison. He moved the court seeking bail. On Wednesday, the special metropolitan magistrate reserved the orders. When the matter came up for hearing, the special MM dismissed the bail plea. The MM also granted one-day police custody of the accused.
