High Court's Bail Decision Looms Over DHFL's Bank Fraud Case

The Supreme Court has directed the Delhi High Court to resolve the bail plea of Kapil Wadhawan, ex-promoter of Dewan Housing Finance Ltd, within two weeks. Wadhawan has been in custody since July 2022 over his involvement in a large-scale bank fraud case, with further legal proceedings underway.

The Supreme Court has instructed the Delhi High Court to make a decision on the bail plea of Kapil Wadhawan within two weeks. Wadhawan, the former promoter of Dewan Housing Finance Ltd (DHFL), has been in custody since July 2022 in connection with a massive bank fraud case.

A bench comprised of Justices Ujjal Bhuyan and Manmohan addressed the prolonged custody of Wadhawan ahead of a planned hearing on July 18. Senior advocate Siddharth Luthra, representing Wadhawan, highlighted the numerous delays in adjudicating his client's bail plea, despite his extended detention period.

The chargesheet filed by the Central Bureau of Investigation (CBI) on October 15, 2022, alleges that Dewan Housing Finance Ltd, its then CMD Kapil Wadhawan, then director Dheeraj Wadhawan, and others orchestrated a fraud involving Rs 42,871.42 crore, causing a Rs 34,615 crore loss to a consortium of 17 banks led by the Union Bank of India.

(With inputs from agencies.)