Ex - promoters of (DHFL)
A Delhi court has granted bail to Former Dewan Housing Finance Corporation Limited (DHFL) promoters Dhiraj Rajesh Wadhawan and Kapil Rajesh Wadhawan in a multi - crore scam case. They accused in the multicrore Yes Bank money laundering case.
On November 2019, under section 45 - IE (I) of the Reserve Bank of India Act, 1934, the Indian Central Bank removed the board of directors of DHFL. The reason cited by the banking regulator for the dismissal of the DHFL board of directors were: inadequate governance and the various defaults on its payments obligations. On 27 January 2020, the promoters of DHFL, Wadhawan brothers was arrested under the Prevention of Money Laundering Act (PMLA).
Advocate Vijay Aggrawal appearing for Dheeraj Wadhawan and Sr Advocate Rebecca John along with the Advocate Yugant Sharma appearing for Kapil Wadhawan and argued in favor of Bail Applications.
The Additional Sessions Judge Ritesh Singh while granting bail on Friday May 13 said, "In the present case as well, the accused persons - Kapil Rajesh Wadhawan and Dheeraj Rajesh Wadhawan were not arrested during the investigation. A supplymentary chargesheet was filed against them without arrest. Investigation Officer in his reply to the bail applications has stated that there is no requirement of custody."
Court noted that the said case pertains to FIR registered under sections 420, 406, 409, 120 - B of the Indian Penal Code, wherein the allegations were made against the accused Dheeraj Rajesh Wadhawan and Kapil Rajesh Wadhawan were the directors of DHFL during that time and had sanctioned loan to M/s Shubhkamna Buildtech Pvt. Ltd., and entered into a tripartite agreement with the flat buyers for the project "Shubhkamna - Advert Techomes" at Sector - 137 Noida, U.P. were unsold flats were mortgaged with DHFL and they concealed the factum of the prior charge on flats and misrepresented that these flats were free from encumbrances.
The lawyers said that their clients are currently lodged in Mumbai Jail in another FIR (Punjab and Maharashtra Co - operative Bank PMC fraud case and thus there is no question of evading justice it interfering with any evidence.
Senior public prosecutors appearing for the Economic Crimes Branch Of the Delhi Police and advocates appearing for the plaintiffs have opposed the bail plea, arguing that the plaintiffs were flat buyers of the "Goodwill - Advertise" project in Noida.
In addition to the above, the plaintiff's counsel made a further application that the investigating officer of this case had not properly investigated and the plaintiff, therefore, applied to the High Court for a change of IO.
The Lawyer further submitted that the plaintiffs have filed petitions for further investigation under Section 156 (3) of the Criminal Procedure Code (CrPC) for further investigation under Section 173 (8), which is pending in the trial court.
The Brief. Sign up to receive the top stories you need to know right now.