Twenty-eight days after being arrested on a complaint of cheating a Chennai-based ad agency, Yogendra Vasupal, co-founder of Chennai based homestay start-up Stayzilla, was on Tuesday granted conditional bail by the Madras High Court.
“The accused is granted bail on a condition to deposit ₹40 lakh to the account of the crime number in the Magistrate court,” Justice S. Baskaran said in his order.
On March 14, Mr. Vasupal was arrested based on a complaint from C.S. 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 ₹1.69 crore.