StayZilla Co-Founder Yogendra Vasupal Granted Conditional Bail
Yogendra Vasupal, founder of homestay aggregator StayZilla, was granted conditional bail on Tuesday by the Madras High Court, nearly a month after he was arrested over unpaid dues by the Chennai police.
“Vasupal has been granted bail on the condition that he deposits Rs 40 lakh as surety in the magistrate court,” StayZilla Counsel L Maithili told BloombergQuint over the phone. He has been given one week to furnish the deposit, the lawyer said.
Vasupal, who has been in Chennai's Puzhal prison for the past four weeks, was denied bail twice. He was arrested on March 14 for allegedly cheating offline marketing vendor Jigsaw Advertising and Solutions Pvt Ltd, whose founder CS Aditya said Stayzilla defaulted on a payment of Rs 1.7 crore. In February, Stayzilla said it had run out of funds and was shutting down.
Vasupal and his partner Sachit Singhi face charges of cheating, criminal breach of trust and intimidation under the Indian Penal Code.
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