HC denies bail to DHFL's Wadhawan in Rs 34,926-crore bank fraud case
NEW DELHI: Delhi HC Monday denied bail to DHFL promoter Kapil Wadhawan in the alleged Rs 34,926-crore bank fraud case, observing that his "conduct during custody was not beyond reproach".
Justice Ravinder Dudeja rejected the plea, calling the alleged offence a crime not just against specific victims but against the financial system itself. CBI has accused Wadhawan, as DHFL promoter and CMD, of being the mastermind of a massive fraud involving misappropriation and diversion of Rs 34,926 crore from a consortium of 17 banks.
HC noted that Wadhawan allegedly manipulated valuable assets and transactions even during judicial custody, indicating continued control and influence.
CBI also submitted that Wadhawan is facing multiple cases in different jurisdictions, which weakens his claim that he poses no risk if granted bail.
"The court cannot permit the release of a person who is prima facie the mastermind of a deep-rooted financial fraud, especially when the trial is at a nascent stage," HC said, adding there was a strong possibility of him tampering with evidence or influencing witnesses - many of whom are former DHFL employees or associates.
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by Taboola
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Wadhawan is accused of operating 87 shell companies in the names of relatives and employees to siphon off funds, falsely recorded as housing loans to over 2.6 lakh fictitious customers via a non-existent "Bandra Bra-nch-001" in DHFL's systems.
He was taken into custody on July 19, 2022, and granted statutory bail in December, which SC later cancelled in January.
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