A Delhi court has dismissed the statutory bail plea for former Dewan Housing Finance Corporation Limited (DHFL) promoters Kapil Wadhawan and his brother Dheeraj, arrested by the CBI in connection with a multi-million dollar bank loan scam case. rupees
The defendants had argued in court that since the CBI failed to file the charge sheet against them within the mandatory 60-day period from their arrest, they were irrevocably entitled to statutory bail, also known as bond for defect, in the matter.
The two defendants were arrested in this FIR on July 19.
Special Judge Vishal Gogne, however, said that the presentation of this charge sheet in the investigation will rather be governed by Section 167 (2) (a) (i) CrPC, which provides for a maximum period of 90 days.
The judge pointed out that the defendants were also charged with article 409 (crime of breach of trust by a public servant, or by a banker, merchant or agent) whose maximum sentence was life imprisonment, which places the period of conclusion of the investigation within the scope of Section 167(2)(a)(i) CrPC, that is, 90 days.
Since the 90-day period has not yet expired in the present investigation, which also relates to Section 409 IPC, applicants Kapil Wadhawan and Dheeraj Wadhawan are not entitled to statutory bond under Section 167(2) CrPC. Both requests are dismissed, the court said in an order issued on September 30.
According to the FIR, based on a complaint filed by Union Bank of India, DHFL, Kapil Wadhawan, the then CMD, Dheeraj Wadhwan, the then Director, and other accused persons allegedly entered into a criminal conspiracy to deceive the consortium of 17 banks led by Union Bank of India and in pursuance of said criminal conspiracy, said defendant Kapil Wadhwan and others induced the consortium banks to sanction huge loans amounting to Rs 42,871.42 crore.
Allegedly, much of that amount was diverted and embezzled by the alleged falsification of DHFL’s books and the dishonest failure to pay the legitimate dues of said banks of the consortium, the CBI affirmed.
The complainant alleged that an undue loss of Rs 34,615 crore was caused to the banks in the consortium to the extent that outstanding installments were quantified as of July 31, 2020.
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