In a significant development, the Supreme Court of India has annulled the statutory bail granted to former DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan, who are entangled in a massive loan scam.
Justices Bela M Trivedi and S C Sharma, in canceling the bail, highlighted the erroneous decisions of both the High Court and the trial court in granting bail to the Wadhawan siblings.
The accusations against Kapil and Dheeraj revolve around a staggering bank loan scam exceeding Rs. 34,000 crore. The Supreme Court’s decision to revoke bail stems from a meticulous examination of the Code of Criminal Procedure, which allows an accused person to secure statutory bail if a chargesheet is not filed by the investigating agency within 60 or 90 days, depending on the case.
However, in this instance, the CBI submitted the chargesheet on the 88th day after registering the FIR. Despite this, the trial court granted default bail, a decision that was upheld by the Delhi High Court. The Supreme Court emphasized that, due to the timely filing of the chargesheet, the Wadhawan brothers could not assert statutory bail as a right.
Looking ahead, the background of the Wadhawans and the DHFL fraud case reveals that they were arrested on July 19 last year for their involvement in a Rs. 34,615 crore bank fraud case. Kapil served as the Chairman and MD of DHFL, while Dheeraj held the position of a non-executive director, with both being members of DHFL’s board.
The case originated from a complaint filed by the Union Bank of India, leading to the FIR. The Wadhawan brothers now face charges of alleged cheating and fraud. The Supreme Court’s decision to cancel their statutory bail underscores the judiciary’s commitment to addressing complex financial crimes and ensuring accountability in high-profile cases.