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Ex-DHFL promoters Wadhawan brothers get bail in multi-crore scam
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SME Times News Bureau | 14 May, 2022
A court here has granted bail to former promoters of Dewan Housing
Finance Corporation Ltd (DHFL)-- Kapil Rajesh Wadhawan and Dheeraj
Rajesh Wadhawan -- in a multi-crore scam case.
Granting
the bail after the hearing on Friday, Additional Sessions Judge Reetesh
Singh said: "In the present case as well, the applicant/accused persons-
Kapil Rajesh Wadhawan and Dheeraj Rajesh Wadhawan were not arrested
during the investigation. A supplementary charge sheet was filed against
them without arrest. Investigation Officer (IO) in his reply to the
bail applications has stated that there is no requirement of custody".
As
per the FIR, Wadhawans were charged under sections 420, (Cheating and
dishonestly inducing delivery of property) 406 (Punishment for criminal
breach of trust) 409 (Criminal breach of trust by public servant, or by
banker, merchant or agent), 120-B (criminal conspiracy to commit an
offence) of the Indian Penal Code (IPC), in connection with an agreement
of selling flats under a project "Shubhkamna - Advert Techomes" at
Noida.
Petitioners' counsel submitted that their clients are
currently lodged in Mumbai Jail in another FIR related to Punjab and
Maharashtra Co-operative Bank (PMC) fraud case and argued there is no
question of them fleeing or tampering with the evidence. On the other
hand, the prosecution argued that DHFL allowed Shubhkamna Builtech
Private Ltd. to divert public money and loan amounts sanctioned by DHFL
to individual home buyers were routed back to DHFL through an escrow
account causing wrongful gain to DHFL and wrongful loss to the home
buyers.
Last year, the Central Bureau of Investigation (CBI)
registered a case against the Wadhawan brothers, who were charged with
multiple financial anomalies, in connection with a scam linked to the
Pradhan Mantri Awas Yojana (PMAY).
According to the central probe
agency FIR, the Wadhawan brothers had created fake home loan accounts
amounting to over Rs 14,000 crore and availed Rs 1,880 crore in interest
subsidy from the Central government.
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