Yes Bank Fraud Case: Bombay High Court Grants Bail To DHFL’s Wadhawan Brothers
The Bombay High Court has granted bail to Kapil Wadhawan and Dheeraj Wadhawan, promoters of Dewan Housing Finance Corp. Ltd. accused of money laundering by the Enforcement Directorate in the multi-crore Yes Bank fraud case.
Justice Bharati Dangre granted them bail as the Enforcement Directorate failed to file its chargesheet against them in the case within the stipulated 60-day period. The high court directed the duo to deposit Rs 1 lakh each as surety and surrender passports.
The Wadhwan brothers, however, will remain in jail as they have also been booked by the Central Bureau of Investigation in the same case. They had sought bail claiming the Enforcement Directorate failed to file its chargesheet within the stipulated period of 60 days.
The Enforcement Directorate had on May 14 this years arrested the Wadhwan brothers on money laundering charges. On July 15, ED filed a chargesheet against Wadhawans, Yes Bank co-founder Rana Kapoor, his wife Bindu Kapoor, daughters Roshni and Rekha, and their chartered accountant firm Dularesh K Jain & Associate.
The Enforcement Directorate had initiated proceedings in the Yes Bank fraud case after CBI registered a first information report on Mar. 7, 2020, in connection with alleged suspicious loans granted by Yes Bank and the "quid pro quo" between Rana Kapoor and the Wadhawans.