DHFL Scam: Delhi Court Dismisses Bail Plea of Wadhawans
IANS 04 October 2022
A Delhi court has dismissed the statutory bail pleas of Mumbai-based Dewan Housing Finance Corporation Ltd's (DHFL) former promoters Kapil Rajesh Wadhawan and Dheeraj Rajesh Wadhawan in connection with a multi-crore bank loan scam case.
 
"The filing of the present charge sheet in the present investigation shall be governed by Section 167(2)(a)(i) CrPC which provides for a maximum period of 90 days. Since the period of 90 days has not yet expired in the present investigation, which also relates to Section 409 IPC, applicants Kapil Wadhawan and Dheeraj Wadhawan are not entitled to statutory bail under Section 167(2) CrPC," said the recent order passed by special judge (PC Act) Vishal Gogne of the Rouse Avenue court.
 
Statutory bail is a right to bail that accrues when the investigation fails to complete within a specified period in respect of a person in judicial custody.
 
The Wadhawan brothers were arrested under the present FIR (first information report) on 19th July. As per the FIR, Wadhawans were charged under Sections 120-B (criminal conspiracy to commit an offence), 409 (criminal breach of trust by public servant, or by banker, merchant or agent), 420 (cheating and dishonestly inducing delivery of property), 477A (Falsification of accounts) of the Indian Penal Code and Sections 13 (1) and (2) (Criminal misconduct by a public servant) of the Prevention of Corruption Act.
 
It was alleged that Wadhawans, along with other persons, entered into a criminal conspiracy to cheat the consortium of 17 banks led by Union Bank of India and induce the consortium banks to sanction huge loans aggregating Rs42,871.42 crore. Much of this amount was allegedly siphoned off and misappropriated by alleged falsification of the books of the DHFL and dishonest default in repayment of the legitimate dues of the said consortium banks.
 
The complainant alleged that a wrongful loss of Rs34,615 crore was caused to the consortium as per the quantification of the outstanding dues as on 31 July 2020.
 
Wadhawans, facing charges of multiple financial crimes being probed by the enforcement directorate and CBI (central bureau of investigation), were first arrested by CBI in the Yes Bank-DHFL fraud on 26 April 2020.
 
They are presently lodged in a Delhi jail for probing other crimes registered against them in the national capital.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
dcm2803
2 months ago
In addition they have cheated their employees as well by not paying salaries for nine months and one day terminating all without doing their full and final settlements. The employees are still awaiting for their dues to be cleared but there seems to be no hope..
r_ashok41
2 months ago
Why are the people who have audited and also rating agencies not been penalised.There should be a strict law ensuring rating agencies to be give unbiased views on the ncd/fd and also mention risks associated with it and also they need not give a high rating by conniving with the promotors and nothing prevents them to give a negative rating and be honest .Since if they give a good rating and the company siphons off the money then it gives an impression they were also part of it and this needs to be ensured.
nkopparam
2 months ago
In addition to Banks, promoters cheated lots of retail investors. They have planned the whole affair before hand. Every paisa has to be returned to every investor, thereby setting a good precedent. Should be a deterrent for other fraudulent entities
r_ashok41
2 months ago
Hope this will be an eye pointer to all those nbfc organisations who cheat retail investors which was earlier being done and used to escape but now they are being caught but for retail investors justice is still not being done and in this case Piramel group and coc and bank people have joined together and gave minimal amount to retail people and took the major portion .
It would have been good if IBC makes it clear that retail investors need to given the full amount what they have invested.
Free Helpline
Legal Credit
Feedback