3 days ago
Supreme Court cancels DHFL's Dheeraj Wadhawan's bail, orders surrender in 2 weeks
The Supreme Court on Tuesday cancelled the bail granted to former Dewan Housing Finance Limited (DHFL) promoter Dheeraj Wadhawan in a multi-crore loan scam case. The bail, initially granted by the Delhi High Court on medical grounds, was revoked after the Supreme Court reviewed a report from the medical September 9, 2024, Wadhawan was granted bail by the Delhi High Court, which ruled that he qualified as a 'sick person,' warranting his release on medical grounds. However, a recent assessment by the Supreme Court led to a reversal of this decision. Wadhawan has been directed to surrender within two weeks, with assurances that jail authorities will provide the necessary medical Wadhawan, alongside his brother Kapil, was arrested in connection with a significant financial fraud case. The two were accused of defrauding a consortium of 17 banks, amounting to Rs 34,000 crore, marking it as one of the largest bank loan scams in India.
The Wadhawan brothers were charged with engaging in a criminal conspiracy, misappropriation of public funds, and breach of trust. Allegations include manipulating records and diverting funds through circular transactions to generate personal media reports about fund diversion in January 2019, DHFL came under scrutiny. A consortium of banks appointed KPMG to conduct an audit, revealing fund diversions disguised as loans to DHFL-linked entities. The audit unveiled that Rs 29,100 crore was disbursed to 66 entities associated with DHFL promoters, with a significant portion of these funds invested in land and being arrested in 2022, Dheeraj Wadhawan was presented before a special court in Mumbai, leading to his judicial custody. The Central Bureau of Investigation (CBI) had filed charges citing financial irregularities and fund diversions within DHFL, leading to the eventual judicial proceedings against the Wadhawan brothers.- EndsMust Watch
