Wednesday, February 8, 2023

Yes Bank-DHFL scam: Delhi court denies bail to Wadhawan brothers

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A local court in the national capital refused to grant statutory bail to former promoters of Dewan Housing Finance Corporation Limited, Kapil and Dheeraj Wadhawan, who were arrested by the Central Bureau of Investigation (CBI) in connection with the multi-crore Yes Bank-DHFL loan scam case.

Special Judge Vishal Gogne of Rouse Avenue Court dismissed the statutory bail application of Wadhawan brothers on September 30, while observing that the filing of charge sheet in the present investigation shall be governed by Section 167(2)(a)(i) CrPC, which provided maximum period of 90 days for the same.

Since the 90-day period was yet to expire in the current probe, which was also related to Section 409 IPC, Kapil and Dheeraj Wadhawan were not entitled to statutory bail under Section 167(2) CrPC, noted the court.

The Counsels of the accused contended that CBI had allegedly failed to file a charge sheet against the Wadhawan bothers within 60 days of their arrest, therefore, they were entitled to bail.

The default or statutory bail can be availed by an accused, if the investigation agency fails to complete the probe within a specified period in respect of a person in judicial custody.

The FIR stated that based on a complaint made by the Union Bank of India, the then CMD of DHFL Kapil Wadhawan, the then Director of DHFL Dheeraj Wadhwan, in connivance with other accused persons, entered into a criminal conspiracy to cheat the Consortium of 17 banks led by the Union Bank of India and in pursuance of the said criminal conspiracy, the accused induced the consortium banks to sanction huge loans amounting to Rs 42,871.42 crore.

It alleged that a major portion of this amount was allegedly siphoned off by DHFL and dishonest default in repayment of the legitimate dues of the said consortium banks.

The complainant further alleged that a wrongful loss of Rs 34,615 crore was caused to the consortium banks in as much as such was the quantification of the outstanding dues as on July 31, 2020, alleged the Central Bureau of Investigation.

The accused were arrested on July 19, 2021.

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