More Stories

Informist, Tuesday, Aug. 5, 2025

 

NEW DELHI – The Supreme Court on Tuesday cancelled the medical bail given by the Delhi High Court to Dewan Housing Finance Corp. Ltd.'s former promoter Dheeraj Wadhawan in a bank loan fraud case. Last year, the high court had allowed Wadhawan's bail application and said that he fell into the category of "sick" person. 

 

The top court directed the jail authorities and the Central Bureau of Investigation to ensure that Wadhawan was given specialised medical treatment as directed by a medical committee set up earlier this year by the high court. Earlier, a committee of 11 doctors was set up by the high court to assess Wadhawan's medical condition. The report furnished by the doctors' panel on Jul. 9 had stated that Wadhawan does not need any hospitalisation, but only required continuation of ongoing medication, regular and periodic check ups, including physiotherapy.

 

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 Monday, the high court rejected a bail petition filed by Kapil Wadhawan, former chairman of the erstwhile Dewan Housing Finance Corp. Ltd., in the bank loan fraud case. The high court had 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 high court.

 

At 1129 IST, shares of Union Bank of India were up 0.3% at INR 129.37 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

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.