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Madras HC grants conditional bail to Stayzilla CEO Yogendra Vasupal

India TV Business Desk Chennai 11 Apr 2017, 17:46:05 PM IST
India TV Business Desk

Yogendra Vasupal, co-founder of online home stay aggregator Stayzilla, arrested for cheating an advertisement firm last month, has been granted bail by the Madras High Court here today.

Justice S Bhaskaran, granting bail to Vasupal, directed him to execute a bail bond for a sum of Rs 40 lakh.

“The accused is granted bail on a condition to deposit ₹40 lakh to the account of the crime number in the Magistrate court,” the court observed.

Vasupal was arrested on March 14 on a complaint from a Chennai-based advertisement firm CS Aditya of Jigsaw Advertising and Solutions Private Limited for offences under Sections 406 (Punishment for criminal breach of trust), 420 (Cheating), 506 (i) (Criminal Intimidation) of the IPC.

According to the complainant, Stayzilla failed to make payments for advertising services rendered by him since February 2016 and defrauded him of Rs 1.69 crore.