Yes Bank-Macstar fraud case: HDIL’s Rakesh Wadhawan granted bail

He was given relief on provisional cash security of Rs. 5 lakhs. In time, he will have to furnish sureties.

Bhavna UchilUpdated: Wednesday, July 27, 2022, 06:25 PM IST
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HDIL’s Rakesh Wadhawan granted bail in Yes Bank-Macstar fraud case |

A special court on Monday granted bail to the former promoter of Housing Development and Infrastructure Limited (HDIL) Rakesh Wadhawan in a money laundering case concerning Yes Bank and Macstar.

He will however continue to remain in custody in other cases against him, including a money laundering case concerning Punjab and Maharashtra Co-operative Bank (PMC).

The 67-year-old was given relief on provisional cash security of Rs. 5 lakhs. In time he will have to furnish sureties.

Special Judge MG Deshpande under the Prevention of Money Laundering Act (PMLA) said in the order while granting Wadhawan the relief that he has not been arrested by the Enforcement Directorate in the case and the agency has not reported any activity by him adverse to its probe.

The court also noted that he is an undertrial prisoner in many other cases and his presence for trial is secured.

The ED had opposed bail to him on the grounds that he had connived with Yes Bank’s then head Rana Kapoor and got an Rs. 202 crore loan sanctioned to Macstar, which was fraudulently siphoned off to HDIL.

The court had also been told that he is highly influential, and may pressurise witnesses or jump bail.

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