Dewan Housing Row
Delhi HC gives bail to Dheeraj Wadhawan in bank loan fraud case
This story was originally published at 12:23 IST on 9 September 2024
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--Delhi HC gives bail to Dheeraj Wadhawan in bank loan fraud case
NEW DELHI – The Delhi High Court today granted bail to Dewan Housing Finance Corp Ltd's former promoter Dheeraj Wadhawan in a bank loan fraud case. Allowing Wadhawan's bail application, the high court said the petitioner fell in the category of "sick" person.
On Jun 6, the high court had asked for a status report from the Central Bureau of Investigation on the petitioner's plea, who sought bail on medical grounds. Wadhawan had earlier withdrawn the petition from the high court on May 17. Wadhawan is an accused in the Central Bureau of Investigation case related to the Dewan Housing Finance Corp bank loan fraud case.
On Jan 24, the Supreme Court had cancelled the default bail granted to Dheeraj Wadhawan and his brother Kapil Wadhawan in the bank loan fraud case. The top court had observed that the Delhi High Court and trial court "greatly erred" in granting default bail to the Wadhawan brothers.
According to a first information report based on a complaint by Union Bank of India, the Wadhawan brothers and other persons allegedly entered into a criminal conspiracy to cheat a consortium of 17 banks. The accused persons induced the consortium, led by Union Bank of India, to sanction loans worth 428.71 bln rupees. A loss of 346.15 bln rupees was caused to the consortium, as per the complaint.
At 1054 IST, shares of Union Bank of India traded 3.1% lower at 117.47 rupees on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Surya Tripathi
Edited by Manisha Baxla
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