HC junks former Dewan Housing head Wadhawan bail plea in bk loan fraud case
This story was originally published at 14:51 IST on 4 August 2025
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NEW DELHI – The Delhi High Court Monday rejected a bail petition filed by Kapil Wadhawan, former chairman of the erstwhile Dewan Housing Finance Corp. Ltd., in a bank loan fraud case. The high court said that due to the nature and seriousness of the crime committed by Wadhawan, it did not find any merit in giving bail to Wadawhan. Economic offences of such a magnitude destroy public confidence and, hence, the petition by Wadhawan is dismissed, said the court.
According to the Central Bureau of Investigation's first information report, 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. The Wadhawan brothers 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, causing a wrongful loss of about INR 340 billion to the consortium of lenders from January 2010 to December 2019. In January, the apex court had dismissed Kapil Wadhawan's plea seeking interim bail on medical grounds. Wadhawn has been in jail since 2022
At 1438 IST, shares of Union Bank of India traded 0.8% higher at INR 129.10 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 Akul Nishant Akhoury
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