Yes Bank-DHFL case: Court takes Satyan Tandon in custody as he breaches bail condition

In an unusual action, a special court on Wednesday took builder Satyan Tandon, accused in a case of defrauding Yes Bank, in its custody after it had granted him bail last month as he had breached a condition by not furnishing sureties in time.

Bhavna UchilUpdated: Wednesday, August 24, 2022, 10:18 PM IST
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Mumbai: Builder Satyan Tandon arrested in Yes bank - DHFL case | File Photo

In an unusual action, a special court on Wednesday took builder Satyan Tandon, accused in a case of defrauding Yes Bank, in its custody after it had granted him bail last month as he had breached a condition by not furnishing sureties in time.

As per the order granting bail, the sureties had to be furnished by August 12. If an accused does not manage to arrange sureties within time, a court order is required allowing an extension of time to furnish them. The Central Bureau of Investigation’s (CBI) prosecutor told the court on Wednesday when Tandon was present before it, that the accused had not complied with the bail conditions and hence committed a breach and must be taken into custody.

Special CBI Judge SU Wadgaonkar noted in the order that neither surety was furnished, nor an application was made to extend time to comply with the condition. The court also noted that an incorrect statement was made to the court’s registry by Tandon’s advocate, that the court has said that there is no need to file an application for extension.

Judge Wadkonkar said that on merits the accused has committed a breach of bail order and has not complied with its terms. It said, thus, grounds exist to arrest him and commit him to custody. Accordingly, it noted that Tandon is arrested and by way of taking him in custody and remanded in judicial custody.

The CBI has alleged that Satyan Tandon’s firm Wizard Construction India Pvt Ltd received amounts from his co-accused and builder Sanjay Chhabria’s Radius Group concerns. These were purportedly part of loans disbursed by Yes Bank to Dewan Housing Finance Corporation Ltd (DHFL) , which were being diverted. DHFL’s promoters Kapil Wadhawan and Dheeraj Wadhawan are Tandon’s co-accused in the case.

While granting bail to Tandon last month, the court had considered that he had voluntarily deposited Rs 4 crore in Yes Bank’s account while also noting that there is prima facie evidence to show that he is a co-conspirator and aided Wadhawan brothers in fraudulently availing Rs 750 crore loan from the Yes Bank.

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