JSA Advocates & Solicitors (JSA) successfully represented Edelweiss Asset Reconstruction Company Limited ("EARC") in opposing and rejecting three anticipatory bail applications filed on behalf Pulin Bole, Shivani Verma, and Shobhit Rajan ("Applicants"), directors of Ecstasy Realty Private Limited ("ERPL") in relation to an FIR registered by the Economic Offences Wing, Mumbai ("EOW") for offences punishable under Sections 120B, 409, 420, 465, 467, 468, and 471 of the Indian Penal Code, 1860. The FIR was registered basis a complaint lodged by EARC with the EOW for fraudulent diversion and misappropriation of over Rs. 600 Crores that were owed to EARC by ERPL under a Debenture Trust Deed ("DTD") between the two entities.
Apprehending their arrest, the Applicants had approached the Sessions Court in Mumbai. JSA Team successfully opposed the grant of anticipatory bail and vide its order dated June 20, 2025, the Sessions Court rejected the anticipatory bail applications. Consequently, vide three separate anticipatory bail applications ("Applications"), the Applicants approached the Bombay High Court seeking anticipatory bail.
The Applications were preferred primarily on the grounds that there was no misappropriation of any kind and that the funds were utilized by ERPL in line with the DTD. JSA Team strongly opposed the Applications by highlighting how funds were illegally layered and siphoned by the Applicants using multiple bank transfers between unknown shell companies.
By its order dated March 11, 2026, the High Court was pleased to take note of the large-scale economic fraud played upon EARC and the financial ecosystem, and rejected the Applications.
The JSA Team comprised Hormuz Mehta, Lead Partner; Akhil Anand, Partner; Himanshu Vij, Principal Associate; Ahsan Allana, Senior Associate; and Kunal Bilaney, Associate.