India, March 17 -- The Bombay High Court last week refused anticipatory bail to three directors of city-based construction firm Ecstasy Realty Private Limited (ERPL), who are being investigated by the Economic Offences Wing (EOW) of the Mumbai police for allegedly failing to repay debenture loans worth Rs.481.65 crore.

Justice N R Borkar rejected the pre-arrest bail pleas filed by Shobhit Ranjan and his co-directors Pulin Bole and Shivani Verma, observing that custodial interrogation was necessary to investigate the alleged diversion of funds.

"Considering the facts and circumstances of the case, I am of the view that custodial interrogation of the applicants is necessary for the purpose of investigating the substantial diversion of fun...