The Supreme Court dismissed the CBI‘s appeal against the Bombay High Court’s decision to grant bail to Dheeraj Wadhawan, a former promoter of Dewan Housing Finance Corporation Limited (DHFL), on Tuesday. Wadhawan is implicated in a multi-crore bank loan scam.
The Supreme Court bench, consisting of Chief Justice Sanjiv Khanna and Justice Sanjay Kumar, cited the anticipated length of the trial and the substantial amount of money involved. “We are not inclined to issue notice. Appeal dismissed,” the bench held.
The Bombay High Court granted bail to Wadhawan on medical grounds, noting his various ailments and the difficulty of managing his health issues while incarcerated. The high court imposed conditions on Wadhawan’s bail, including restrictions on his activities and movements.
He is prohibited from engaging in illegal activities, tampering with evidence, or threatening witnesses. He also cannot sign documents related to the case without court approval, leave India without permission, and must attend all court proceedings. The court allowed for the possibility of virtual appearances.
Wadhawan and his brother, Kapil Wadhawan, were arrested on July 19, 2023. A chargesheet was filed on October 15, 2022, in response to a complaint by the Union Bank of India.
The bank alleges that DHFL, under the leadership of Kapil Wadhawan as chairman and managing director, and Dheeraj Wadhawan as director, conspired with others to defraud a consortium of 17 banks. The CBI claims the accused fraudulently obtained loans totaling Rs 42,871.42 crore, subsequently misappropriating a significant portion of the funds through falsified records and defaulting on repayments.
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