Chennai: Yogendra Vasupal, co-founder of Homestay startup Stayzilla, arrested on a charge of cheating Rs 1.7 crore, has approached the principal sessions court seeking bail.
On March 23, the special court for Central Crime Branch CB-CID, Egmore at Allikulam had dismissed his bail petition.
Vasupal had outstanding dues amounting to Rs 1.72 crore to Jigsaw, a Chennai-based Advertisement Company, which was executing all 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. After his bail plea was rejected by the special court he moved the principal sessions court seeking bail. He stated that the special court had rejected his bail application against the law and criminal proceedings initiated against him in a civil dispute. Vasupal alleged that the complainant is involved in acts of criminal intimidation and extortion from his family members.
When the bail application came up for hearing before the principal sessions court, the principal judge posted the matter to Tuesday for further hearing.
