SC notice to Dewan Housing former promoter against bail in loan fraud case
This story was originally published at 16:38 IST on 7 March 2025
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NEW DELHI – The Supreme Court on Friday issued a notice to Dewan Housing Finance Corp Ltd's former promoter Dheeraj Wadhawan on a petition by the Central Bureau of Investigation against the Delhi High Court's September order to grant him bail in a bank loan fraud case. The apex court placed the matter for hearing in the week commencing Apr. 28.
Earlier, allowing Wadhawan's bail application, the high court had said that the petitioner fell in the category of "sick" person. Wadhawan is an accused in the Central Bureau of Investigation case related to the Dewan Housing Finance Corp bank loan fraud case.
According to a first information report based on a complaint by Union Bank of India, Dheeraj Wadhawan, his brother Kapil Wadhawan 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.
On Friday, the shares of Union Bank of India ended 0.8% higher at INR 117.78 on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Akul Nishant Akhoury
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