Latest news with #KapilWadhawan
Time of India
4 days ago
- Business
- Time of India
Delhi HC denies bail to DHFL's promoter in ₹34,926 crore bank fraud case
NEW DELHI: The Delhi High Court on Monday denied bail to DHFL promoter Kapil Wadhawan in an alleged Rs 34,926 crore bank fraud case, noting that his conduct during custody was "not beyond reproach". Justice Ravinder Dudeja denied the relief, saying such economic offences were not only crimes against specific victims but against the financial system at large. The CBI alleged Wadhawan, as promoter and CMD of DHFL, was the principal architect of a massive financial fraud involving diversion and misappropriation of approximately Rs 34,926 crore from a consortium of 17 banks. "It is noteworthy that the conduct of the applicant during custody has not been beyond reproach. The allegations regarding manipulation of valuable assets and transactions carried out during judicial custody are grave and suggest that the applicant continues to exercise significant control and influence," the order said. The court noted CBI's submission that Wadhawan was facing multiple investigations and cases across jurisdictions involving serious financial offences, which undermined his argument that he posed no risk if enlarged on 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," the judge said. If released on bail, the order pointed out, the applicant might tamper with the evidence or worse flee from justice. "Many of the witnesses in this case are stated to be either ex-employees or associates of DHFL and as such there is a high risk and possibility that the petitioner might try to influence the witnesses," it said. He was accused of creating and operating 87 shell companies in the names of associates, employees, and relatives to siphon off funds, falsely recorded as retail housing loans to over 2.6 lakh fictitious customers through a non-existent "Bandra Branch-001" in DHFL's internal systems. He was taken into custody in the case on July 19, 2022 and was granted default statutory bail on December 3, 2022, but the Supreme Court cancelled his bail on January 24, 2024. The court observed his "effective custody" was two years and not four years as claimed. "Having regard to the nature and seriousness of the allegations, the gravity of the offence, the applicant's central role in the conspiracy, the potential adverse impact of his release on the trial and the huge magnitude of the funds siphoned of, this court finds no merit in the present application," the order held.
Time of India
5 days ago
- Business
- Time of India
Delhi HC denies bail to DHFL promoter Kapil Wadhawan in bank fraud case
New Delhi: The Delhi high court denied bail on Monday to DHFL promoter Kapil Wadhawan in an alleged Rs 34,926-crore bank fraud case, noting that his "conduct during custody was not beyond reproach". Justice Ravinder Dudeja rejected his bail plea, saying such economic offences were not only crimes against specific victims but against the financial system at large. The CBI alleged Wadhawan, as promoter and CMD of DHFL, was the principal architect of a massive financial fraud involving diversion and misappropriation of approximately Rs 34,926 crore from a consortium of 17 banks. "The allegations regarding manipulation of valuable assets and transactions carried out during judicial custody are grave and suggest that the applicant continues to exercise significant control and influence," the HC observed. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai It noted CBI's submission that Wadhawan was facing multiple investigations and cases across jurisdictions involving serious financial offences, which undermined his argument that he posed no risk if enlarged on 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," it concluded, noting that if released on bail he might tamper with evidence or, worse, flee from justice. "Many of the witnesses in this case are stated to be either ex-employees or associates of DHFL and, as such, there is a high risk and possibility that the petitioner might try to influence witnesses," it said. Wadhawan is accused of creating and operating 87 shell companies in the names of associates, employees, and relatives to siphon off funds, falsely recorded as retail housing loans to over 2.6 lakh fictitious customers through a non-existent "Bandra Branch-001" in DHFL's internal systems. He was taken into custody in the case on July 19, 2022, and granted default statutory bail on Dec 3, 2022, but the Supreme Court cancelled his bail on Jan 24, 2024. The court observed his "effective custody" was two years, and not four years as claimed. "Having regard to the nature and seriousness of the allegations, the gravity of the offence, the applicant's central role in the conspiracy, the potential adverse impact of his release on the trial, and the huge magnitude of the funds siphoned off, this court finds no merit in the present application," the order held.
Time of India
5 days ago
- Business
- Time of India
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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like They Were So Beautiful Before; Now Look At Them; Number 10 Will Shock You Reportingly Undo 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. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Time of India
5 days ago
- Business
- Time of India
Delhi HC denies bail to Kapil Wadhawan in Rs 34,615-crore bank fraud case
The Delhi High Court has denied bail to Kapil Wadhawan, former chairman of DHFL, in connection with a Rs 34,615-crore bank loan fraud case. The court cited the seriousness of the allegations, Wadhawan's central role in the conspiracy, the risk of witness tampering, and the magnitude of the funds siphoned off as reasons for the denial. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Delhi High Court Monday rejected a bail petition filed by Kapil Wadhawan , former chairman of the erstwhile Dewan Housing Finance Corp in a Rs 34,615-crore bank loan fraud Ravinder Dudeja said that having regard to the nature and seriousness of the allegations, the gravity of the offence, Wadhwan's 'central role in the conspiracy, the potential adverse impact of his release on the trial and the huge magnitude of the funds siphoned of, this court finds no merit in the present (bail) application.'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, the judge said, adding that if released on bail, Wadhwan 'may tamper with the evidence or worse flee from justice. Many of the witnesses in this case are stated to be either ex-employees or associates of DHFL and as such there is a high risk and possibility that the petitioner might try to influence the witnesses.'The judge said that economic offences of such magnitude not only destroy public confidence in the financial system but also eat away the economic foundation of society. 'They require a firm judicial response guided by the rule of law and public interest. The applicant has failed to make out a case for bail. The application is accordingly dismissed,' the order court noted that Wadhawan was 'summoned by ED where he did not appear on pretext of Covid-19, while he was caught with his entire family and entourage during complete lockdown and FIR was registered against him.'Besides, the conduct of Wadhawan during custody has not been beyond reproach, according to the HC. 'The allegations regarding manipulation of valuable assets and transactions carried out during judicial custody are grave and suggest that the applicant continues to exercise significant control and influence,' according to the January 24, the Supreme Court had cancelled the default bail granted to Dheeraj and his brother Kapil Wadhawan on the grounds that the HC and the trial court had 'greatly erred' in granting default bail to to a FIR based on a complaint by Union Bank of India , the Wadhawan brothers and other had allegedly entered into a criminal conspiracy to cheat a consortium of 17 banks. The accused persons induced the consortium to sanction loans aggregating to Rs 42,871.42 crore. It was found that the accused persons "siphoned off and misappropriated" a significant portion of these funds by "falsifying" the books of the DHFL and dishonestly defaulted on repayment of the legitimate dues of the said consortium banks, thereby causing a loss of Rs 34,615 crore to the consortium lenders. So far, this is the largest banking loan fraud in India.
Time of India
20-06-2025
- Business
- Time of India
DHFL case: Expeditiously decide Kapil Wadhawan bail plea, SC tells Delhi HC
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Supreme Court on Friday asked the Delhi High Court to decide within two weeks the bail plea of Dewan Housing Finance Ltd 's former promoter Kapil Wadhawan in the multi-crore bank fraud case investigated by the CBI.A bench of Justices Ujjal Bhuyan and Manmohan said Wadhawan was in custody since July, 2022 and his bail plea was coming up for hearing on July 18 in the high bench asked the high court to decide the bail plea within two weeks from the date of moved the top court aggrieved by the orders of adjournment in his bail plea by the high court and sought an expeditious disposal of his advocate Siddharth Luthra, appearing for Kapil Wadhawan, referred to his client's long custody period aside from the non-adjudication on his bail plea on multiple Wadhawan brothers -- Kapil and Dheeraj -- were arrested in this case on July 19, was granted interim bail by the high court on September 9, last year on medical chargesheet was filed by the CBI on October 15, 2022 and cognisance was taken by the trial FIR in the case was based on a complaint made by the Union Bank of India The CBI alleged that Dewan Housing Finance Ltd (DHFL), its then CMD Kapil, then director Dheeraj and other accused persons conspired to cheat the consortium of 17 banks led by the Union Bank of accused and others induced the consortium to sanction huge loans aggregating Rs 42,871.42 of the 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 consortium banks, the CBI complainant 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. PTI
