Dewan Housing Finance Corporation Limited (DHFL) promoters Kapil Wadhawan and Dheeraj Wadhawan have been remanded in judicial custody by a special court on Wednesday after 14-day custody with the Enforcement Directorate (ED) ended in the Yes bank fraud case.
Advocate for the ED Hiten Venegaonkar said as per the court’s order they will be in judicial custody till June 11 in Taloja jai. Advocate Subodh Desai appeared as counsel for the duo.
The brothers had been taken in custody by the agency after a special Prevention of Money Laundering Act (PMLA) court issued a production warrant to the ED enabling them to take the duo in custody for investigation.
The Wadhawans were at the time in jail in connection with the CBI’s Yes bank case. Earlier they had been taken in custody by the CBI in connection with the same case and had spent around 14 days in the custody of CBI from April 26 till May 10.
The two are accused in the Yes Bank scam now pegged at over Rs. 5,000 crores. The agency claims that the bank made investments of Rs. 3,700 crores in DHFL, in exchange for which the Wadhawans allegedly paid a kickback of Rs. 600 crores to the founder and ex-CEO of the bank Rana Kapoor through a company in which his daughters were directors.
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