The bail was granted in the case where Singhi and Stayzilla’s other co-founder Yogendra Vasupal were accused of allegedly duping Jigsaw Advertising Agency for $265K (INR 1.72 Cr).
Justice S Baskaran granted the anticipatory bail to Singhi, on the condition that he would deposit $38.9K (INR 25 Lakhs) in the jurisdictional court. He has also been asked to appear before the police daily at 10 am for two weeks and thereafter as and when required.
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Earlier, on April 20 2017, Principal Sessions Judge Nazeema Banu had denied anticipatory bail to Singhi.
Stayzilla’s other co-founder Yogendra Vasupal was arrested on charges of fraud for about $265K (INR 1.72 Cr) by Jigsaw Advertising Agency. A Medium blogpost, written by Yogendra appeared hours after his arrest, as a cry for help from a founder who claimed to have been wrongfully arrested.
Yogendra Vasupal, CEO and co-founder of defunct homestay network Stayzilla, was finally granted bail by Madras High Court after spending about 28 days in jail. Vasupal was granted bail on a condition that he should deposit about $62K (INR 40 Lakhs) with the court. The money is not a bail payout but a surety that Stayzilla and its co-founders have sufficient funds to pay off Jigsaw in case the aforementioned allegations prove to be true.
As per sources close to the development, Stayzilla owed a total amount of about $1.38 Mn (INR 9 Cr) to Jigsaw. Of this, only the disputed amount of about $265K (INR 1.72 Cr) of the billboards is not paid by the Stayzilla team yet.