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Yes Bank-DHFL Case: CBI Arrests Dheeraj Wadhawan in Rs 34,000 Crore Fraud Probe

Yes Bank-DHFL Case: CBI Arrests Dheeraj Wadhawan in Rs 34,000 Crore Fraud Probe

 Credit: India Today News
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14.05.2024: Dheeraj Wadhawan, former director of Dewan Housing Finance Corporation Limited (DHFL), was recently arrested by the Central Bureau of Investigation (CBI) in connection with a massive Rs 34,000-crore bank fraud case. Following his arrest in Mumbai, Wadhawan was presented before a special court in Delhi, which subsequently placed him in judicial custody.

The Allegations

The CBI’s charges state that Dheeraj Wadhawan, along with his brother Kapil, orchestrated a scheme to defraud a consortium of 17 banks, leading to a staggering Rs 34,000 crore in losses. This case is considered the largest banking loan fraud in India’s history.

Legal Proceedings

The Wadhawan brothers were initially arrested in July 2022 and faced a charge sheet by the CBI the same year. Despite being granted statutory bail by a special court in December 2022, a decision upheld by the Delhi High Court, the Supreme Court later overturned these bail orders. The Supreme Court noted that both the special court and the High Court had committed significant legal errors in granting bail.

Interim Bail and Medical Grounds

Dheeraj Wadhawan was also involved in a separate legal matter for which he received interim bail on medical grounds from the Bombay High Court, citing his need for treatment at Lilavati Hospital. On May 2, the Bombay High Court regularized this bail and extended his protection from CBI arrest for an additional week.

Legal Charges

The charges against the Wadhawan brothers are extensive, including:

– Section 120-B: Criminal conspiracy to commit an offence

– Section 409: Criminal breach of trust by a public servant, banker, merchant, or agent

– Section 420: Cheating and dishonestly inducing delivery of property

– Section 477A: Falsification of accounts

Additionally, they are charged under Sections 13 (1) and (2) of the Prevention of Corruption Act, pertaining to criminal misconduct by a public servant.

 Source – India Today
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