The Delhi High Court on Monday granted bail to Dheeraj Wadhawan, a former promoter of Dewan Housing Finance Corporation Limited (DHFL), in connection with a multi-crore bank loan scam. Justice Sudhir Kumar Jain categorized Wadhawan as a “sick person,” a factor that influenced the decision to grant bail.
Dheeraj, along with his brother Kapil Wadhawan, was arrested on July 19 last year following allegations of a vast financial conspiracy involving the defrauding of a consortium of 17 banks led by Union Bank of India. The Central Bureau of Investigation (CBI) has accused the Wadhawan brothers and other associates of engaging in a criminal conspiracy designed to cheat these banks.
According to the FIR, filed based on a complaint by Union Bank of India, the accused manipulated and induced the consortium to sanction substantial loans totaling Rs 42,871.42 crore. The CBI alleges that a significant portion of these funds was subsequently siphoned off through the falsification of DHFL’s books and dishonest defaults on repayment obligations.
