Latest news with #Wadhawan
Time of India
6 days ago
- Business
- Time of India
SC cancels bail granted to DHFL promoter in loan scam case, directs him to surrender in two weeks
NEW DELHI: The Supreme Court on Tuesday cancelled bail granted to former DHFL promoter Dheeraj Wadhawan in the multi-crore bank loan scam case. A bench of Justices Sanjay Kumar and Satish Chandra Sharma passed the order after perusing the report filed by a medical board and directed Wadhawan to surrender within two weeks. The Delhi High Court on September 9, 2024 granted him bail on medical grounds saying Wadhawan fell within the parameters of a "sick person". The order came on an appeal filed by the CBI appeal against the high court order. Additional Solicitor General S V Raju, representing the agency, had earlier said said Wadhawan suffered from no serious medical ailments and huge amounts of money were siphoned off in the case. The Wadhawan brothers -- Kapil and Dheeraj-- were arrested in this case in July 2022. The agency filed a chargesheet in October 2022 following which a court took its cognisance. The FIR was registered on a complaint made by the Union Bank of India , which alleged DHFL, the housing finance company's then chairman-cum-managing director Kapil Wadhawan , then director Dheeraj Wadhawan and other accused entered into a criminal conspiracy to cheat the consortium of 17 banks led by the Union Bank of India, and in pursuance of the criminal conspiracy, the accused and others induced the consortium to sanction huge loans aggregating Rs 42,871.42 crore. Much of the amount was allegedly siphoned off and misappropriated by alleged falsification of the books of the DHFL and dishonest default in repayment of legitimate dues of the consortium banks, the CBI claimed.
India Today
6 days ago
- Business
- India Today
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 The bail, initially granted by the Delhi High Court on medical grounds, was revoked after the Supreme Court reviewed a report from the medical September 9, 2024, Wadhawan was granted bail by the Delhi High Court, which ruled that he qualified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
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Business Standard
6 days ago
- Business
- Business Standard
SC cancels Dheeraj Wadhawan's bail in DHFL scam, asks surrender in 2 weeks
The Supreme Court (SC) on Tuesday cancelled the bail granted to former Dewan Housing Finance Corporation Ltd (DHFL) promoter Dheeraj Wadhawan in a multi-crore bank loan fraud case. The court has directed him to surrender within two weeks, news agency PTI reported. A Bench of Justices Sanjay Kumar and Satish Chandra Sharma passed the order after examining a report submitted by a medical board. The SC's ruling came in response to an appeal filed by the Central Bureau of Investigation (CBI), challenging the Delhi High Court's order of September 9, 2024. The High Court had granted bail to Wadhawan on medical grounds, observing that he met the definition of a 'sick person'. CBI says no serious illness During the hearing, Additional Solicitor General SV Raju, appearing for the CBI, argued that Wadhawan did not suffer from any serious illness. He further said that huge sums of money had been siphoned off in the case and urged the court to cancel the bail. Wadhawan and his brother Kapil Wadhawan, were arrested in July 2022. The CBI filed a chargesheet in October 2022, which was later taken on record by the court. The DHFL scam The case was triggered by a complaint from the Union Bank of India, which led to a first information report (FIR). The complaint alleged that DHFL, through its former Chairman Kapil Wadhawan, director Dheeraj Wadhawan, and others, conspired to cheat a group of 17 banks. The accused allegedly induced the banks to sanction loans worth ₹42,871.42 crore, much of which was misappropriated. Massive financial irregularities DHFL, once a major housing finance company in India, is now at the centre of one of the country's biggest financial frauds. According to a KPMG audit covering 2016-2019, the company disbursed over ₹29,000 crore to 66 entities linked to the Wadhawan brothers. These loans were allegedly processed without proper checks and lacked sufficient collateral. The scam also involved a fictitious "Bandra Branch" that existed only in DHFL's internal software system. This fake branch was reportedly used to route money to these shell companies. The CBI claims that thousands of fake borrower accounts were created using real customer data. These accounts were used to borrow over ₹14,000 crore and also to fraudulently claim ₹1,880 crore in interest subsidies under the Pradhan Mantri Awas Yojana, a government housing scheme for the poor. (With agency inputs)
Indian Express
6 days ago
- Business
- Indian Express
SC cancels bail granted to Dheeraj Wadhawan in loan scam case, directs him to surrender in 2 weeks
The Supreme Court on Tuesday cancelled bail granted to former DHFL promoter Dheeraj Wadhawan in the multi-crore bank loan scam case. A bench of Justices Sanjay Kumar and Satish Chandra Sharma passed the order after perusing the report filed by a medical board and directed Wadhawan to surrender within two weeks. The Delhi High Court on September 9, 2024 granted him bail on medical grounds saying Wadhawan fell within the parameters of a 'sick person'. The order came on an appeal filed by the CBI appeal against the high court order. Additional Solicitor General S V Raju, representing the agency, had earlier said said Wadhawan suffered from no serious medical ailments and huge amounts of money were siphoned off in the case. The Wadhawan brothers — Kapil and Dheeraj– were arrested in this case in July 2022. The agency filed a chargesheet in October 2022 following which a court took its cognisance. The FIR was registered on a complaint made by the Union Bank of India, which alleged DHFL, the housing finance company's then chairman-cum-managing director Kapil Wadhawan, then director Dheeraj Wadhawan and other accused entered into a criminal conspiracy to cheat the consortium of 17 banks led by the Union Bank of India, and in pursuance of the criminal conspiracy, the accused and others induced the consortium to sanction huge loans aggregating Rs 42,871.42 crore. Much of the amount was allegedly siphoned off and misappropriated by alleged falsification of the books of the DHFL and dishonest default in repayment of legitimate dues of the consortium banks, the CBI claimed.
NDTV
6 days ago
- Business
- NDTV
'Surrender In 2 Weeks': Supreme Court Cancels DHFL's Dheeraj Wadhawan's Bail
New Delhi: The Supreme Court on Tuesday cancelled bail granted to former DHFL promoter Dheeraj Wadhawan in the multi-crore bank loan scam case. A bench of Justices Sanjay Kumar and Satish Chandra Sharma passed the order after perusing the report filed by a medical board and directed Wadhawan to surrender within two weeks. The Delhi High Court on September 9, 2024 granted him bail on medical grounds saying Wadhawan fell within the parameters of a "sick person". The order came on an appeal filed by the CBI appeal against the high court order. Additional Solicitor General S V Raju, representing the agency, had earlier said said Wadhawan suffered from no serious medical ailments and huge amounts of money were siphoned off in the case. The Wadhawan brothers -- Kapil and Dheeraj-- were arrested in this case in July 2022. The agency filed a chargesheet in October 2022 following which a court took its cognisance. The FIR was registered on a complaint made by the Union Bank of India, which alleged DHFL, the housing finance company's then chairman-cum-managing director Kapil Wadhawan, then director Dheeraj Wadhawan and other accused entered into a criminal conspiracy to cheat the consortium of 17 banks led by the Union Bank of India, and in pursuance of the criminal conspiracy, the accused and others induced the consortium to sanction huge loans aggregating Rs 42,871.42 crore. Much of the amount was allegedly siphoned off and misappropriated by alleged falsification of the books of the DHFL and dishonest default in repayment of legitimate dues of the consortium banks, the CBI claimed.
