The beleaguered promoters of Dewan Housing Finance Corporation Ltd (DHFL), the Wadhwan brothers – Dheeraj and Kapil – were granted bail by the Delhi sessions court in the multi-crore scam of Shubhkamna Buildtech’s unsold flats mortgaged to DHFL. The firm allegedly concealed the factum of the prior charge on flats and misrepresented that these (flats) were free from encumbrances.
The two are currently lodged in city jail for the Punjab and Maharashtra Co-operative Bank (PMC) fraud cases. A CBI court had also rejected their bail plea in connection to money laundering and fraud charges in the YES Bank scam case.
DHFL had allegedly allowed Shubhkamna Buildtech to divert public money. The loan amount sanctioned by DHFL to individual home buyers was routed back to DHFL through an escrow account, causing wrongful gain to the firm and loss to the home buyers.
The Additional Sessions Judge Reetesh Singh, while granting bail on Friday, said, “In the present case, the applicant/accused persons… were not arrested during the investigation. A supplementary charge sheet was filed against them without arrest. Investigation Officer (IO) in his reply to the bail applications has stated that there is no requirement of custody.”
