Chennai: Yogendra Vasupal, co-founder of homestay startup Stayzilla, arrested in Chennai on March 14 in a Rs 1.7 crore cheating case, has approached the trial court in Egmore seeking bail. The Special court for Central Crime Branch (CCB) case, Egmore, at Allikulam has reserved the order.
When the bail petition came up for hearing, senior counsel B. Kumar has appeared for the accused before the court and submitted that Vasupal had not cheated anyone.
He was arrested following a complaint from city-based advertising firm alleged that Vasupal had outstanding dues amounting to Rs 1.72 cr to the company. CS Aditya of Jigsaw – the ad firm, had been executing all the campaigns since inception of Stayzilla. Without settling the amount, he suddenly closed the business in February.
Stayzilla, in one of its audit confirmation letter had acknowledged the legitimate outstanding dues to Jigsaw as amounting to Rs 1,56,32,992. Based on a compliant from Jigsaw the CCB personnel on March 8 registered a case.
The arrested Vasupal has approached special court for CCB seeking bail. Senior counsel B Kumar said charges were foisted against him and they were pressure tactics to settle a civil dispute.
Vehemently opposing the bail plea, additional public prosecutor for CCB, S Manuel Arasu submitted that the police registered case against Vasupal. The case is in the preliminary stage and prime accused remained absconding so far.
“The prosecution has clinching evidence against accused. Hence, Vasupal shall not be enlarged on bail,” Arasu said. On hearing arguments from both sides, the special judge for CCB cases has reserved orders and posted the matter to Thursday.
