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Ex-DHFL promoters Wadhawan brothers get bail in multi-crore scam

New Delhi, Might 14 (IANS) A court docket right here has granted bail to former promoters of Dewan Housing (NS:) Finance Company Ltd (DHFL)– Kapil Rajesh Wadhawan and Dheeraj Rajesh Wadhawan — in a multi-crore rip-off case.

Granting the bail after the listening to on Friday, Further Periods Choose Reetesh Singh mentioned: “Within the current case as effectively, the applicant/accused persons- Kapil Rajesh Wadhawan and Dheeraj Rajesh Wadhawan weren’t arrested throughout the investigation. A supplementary cost sheet was filed towards them with out arrest. Investigation Officer (IO) in his reply to the bail purposes has said that there is no such thing as a requirement of custody”.

As per the FIR, Wadhawans have been charged below sections 420, (Dishonest and dishonestly inducing supply of property) 406 (Punishment for legal breach of belief) 409 (Prison breach of belief by public servant, or by banker, service provider or agent), 120-B (legal conspiracy to commit an offence) of the Indian Penal Code (IPC), in reference to an settlement of promoting flats below a venture “Shubhkamna – Advert Techomes” at Noida.

Petitioners’ counsel submitted that their shoppers are at the moment lodged in Mumbai Jail in one other FIR associated to Punjab and Maharashtra Co-operative Financial institution (PMC) fraud case and argued there is no such thing as a query of them fleeing or tampering with the proof. Alternatively, the prosecution argued that DHFL allowed Shubhkamna Builtech Non-public Ltd. to divert public cash and mortgage quantities sanctioned by DHFL to particular person dwelling patrons have been routed again to DHFL by means of an escrow account inflicting wrongful acquire to DHFL and wrongful loss to the house patrons.

Final yr, the Central Bureau of Investigation (CBI (NS:)) registered a case towards the Wadhawan brothers, who have been charged with a number of monetary anomalies, in reference to a rip-off linked to the Pradhan Mantri Awas Yojana (PMAY).

In line with the central probe company FIR, the Wadhawan brothers had created pretend dwelling mortgage accounts amounting to over Rs 14,000 crore and availed Rs 1,880 crore in curiosity subsidy from the Central authorities.



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