Site icon News Azi

DHFL case: Delhi court dismisses statutory bail plea of Wadhawan brothers

The two accused, Kapil Wadhawan and his brother Dheeraj Wadhawan, were arrested in the present FIR on July 19

The two accused, Kapil Wadhawan and his brother Dheeraj Wadhawan, were arrested in the present FIR on July 19

A Delhi court has dismissed the statutory bail plea of former Dewan Housing Finance Corporation Limited (DHFL) promoters, Kapil Wadhawan and his brother Dheeraj, arrested by the CBI in connection with a multi-crore bank loan scam case.

The accused had claimed before the court that since the CBI failed to file the charge sheet against them within the mandatory 60-day period from their arrest, they had “indefeasible right” to statutory bail, also known as default bail, in the matter.

The two accused were arrested in the present FIR on July 19.

Special Judge Vishal Gogne, however, said the filing of the present charge ­sheet in the investigation shall rather be governed by Section 167(2)(a)(i) CrPC, which provides for a maximum period of 90 days.

The judge noted that the accused were also charged with Section 409 (criminal breach of trust by public servant, or by banker, merchant or agent) for which the maximum punishment was life imprisonment, “which brings the period of completion of investigation within the purview of Section 167(2)(a)(i) CrPC i.e. 90 days”.

“Since the period of 90 days has not yet expired in the present investigation, which also relates to Section 409 IPC, applicants Kapil Wadhawan and Dheeraj Wadhawan are not entitled to statutory bail under Section 167(2) CrPC. Both applications are dismissed,” the court said in an order passed on September 30.

According to the FIR based on a complaint made by Union Bank of India, DHFL, Mr. Kapil Wadhawan, the then CMD, Mr. Dheeraj Wadhawan, the then Director, and other accused persons allegedly entered into a criminal conspiracy to cheat the consortium of 17 banks led by Union Bank of India and in pursuance of the said criminal conspiracy the said accused Mr. Kapil Wadhawan and others induced the consortium banks to sanction huge loans aggregating to ₹42,871.42 crore.

Much of that 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 said consortium banks, the CBI claimed.

The complainant alleged that a wrongful loss of ₹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.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – admin@newsazi.com. The content will be deleted within 24 hours.
Exit mobile version