Yes Bank case: No bail for Wadhawans from metropolitan court

A Mumbai metropolitan court onFriday refused to grant bail to DHFL promoters Kapil Wadhawanand Dheeraj Wadhawan in connection with the Yes Bank fraudcase being probed by the CBI.

Advocate Pranav Badheka, appearing for the Wadhawans,confirmed that their bail had been rejected.

The accused, in their plea, claimed no cheating casewas made out as no loss had been caused to anybody.

They further submitted that arguments of kickbacks orquid pro quo did not stand any longer as the charges under thePrevention of Corruption Act against main accused and Yes Bankfounder Rana Kapoor had been dropped due to want of sanction.

The Wadhawans submitted that there was no question ofillegality as there were no kickbacks involved.

A special CBI court, in July last year, had sent thecase to the chief metropolitan magistrate's court as the CBIdidn't obtain sanction to prosecute Kapoor under PCA, whichwas invoked by treating him as a 'public servant'.

The court, at the time, observed that, prima facie,cases are made out against all the accused under sections 420(cheating), 409 (criminal breach of trust) of the IPC, whichis triable by a metropolitan magistrate.

Thus, the case was being tried by a magistrate courtfor offences under IPC sections.

As per the CBI, DoIT Urban Ventures (India) PrivateLimited, a firm linked to the Kapoor family, received Rs 600crore as funds when Yes Bank extended loans of over Rs 3,000crore to the DHFL group.

The probe agency also contended the bank did not makeenough efforts to recover the loan, and that funds received byDoIT Ventures were kickbacks for going easy on loan recovery.

The Enforcement Directorate (ED) is probing the moneylaundering angle in the scam.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)