SC dismisses Dewan Housing former head Kapil Wadhawan's interim bail plea
This story was originally published at 12:44 IST on 2 January 2025
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NEW DELHI – The Supreme Court on Thursday dismissed a petition filed by Kapil Wadhawan, former chairman of erstwhile Dewan Housing Finance Corp. Ltd., seeking interim bail on medical grounds in a bank loan fraud case.
"Heard learned senior counsel (Kapi Sibal) for the petitioner (Wadhawan). The counsel referred to the medical report. The report is considered along with direction given by the high court for treatment of the petitioner. The counsel says it will not press the matter, it (the petition) is dismissed," said the apex court.
According to the Central Bureau of Investigation's first information report, Kapil Wadhawan and his brother Dheeraj Wadhawan, along with others, allegedly entered into a criminal conspiracy to cheat a consortium of 17 banks led by Union Bank of India. Kapil Wadhawan, his brother and others, allegedly siphoned off and misappropriated a significant portion of the funds by falsifying the books of Dewan Housing.
According to the first information report, the accused deliberately and dishonestly defaulted on dues, thereby causing a wrongful loss of about INR 340 billion to the consortium of lenders from January 2010 to December 2019.
Kapil Wadhawan had earlier this month approached the Delhi High Court for interim bail on medical grounds. The CBI, however, opposed the interim bail saying it was nothing but a gross misuse of the process of law. The regular bail application of Kapil Wadhawan is still pending before the Delhi High Court and instead of arguing on that, the petitioner has filed the application for interim bail on the pretext of medical grounds, said CBI.
The high court on Dec. 19 asked the CBI and the jail authorities to provide the best treatment to Kapil Wadhawan in a reputed government hospital.
At 1217, the shares of Union Bank of India were down 3.9% at INR 118.32 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 Deepshikha Bhardwaj
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