SC junks CBI plea against medical bail to DHFL's Dheeraj Wadhawan in loan fraud case

New Delhi: The Supreme Court on Tuesday dismissed a plea of the CBI against a Bombay High Court order granting bail on medical grounds to former DHFL promoter Dheeraj Wadhawan in the multi-crore bank loan scam case.

A bench comprising Chief Justice Sanjiv Khanna and Justice Sanjay Kumar said the trial in the case was unlikely to conclude in 10 years and the amount involved was substantial.

"We are not inclined to issue notice. Appeal dismissed," held the bench.

The high court order observed Wadhawan was suffering from various ailments, and a follow up couldn't be arranged from jail, especially in case of an emergency.

While granting him bail, the high court directed Wadhawan not to do anything illegal or tamper with the collected evidence, including threatening witnesses.

"The applicant is restrained from signing any document pertaining to subject matter of the prosecutions without obtaining the leave of the trial court," the high court said.

Wadhawan was further ordered not to leave India without the trial court's permission and attend it punctually. "He may also request to remain present virtually by taking leave of the trial court," the high court added.

The Wadhawan brothers -- Kapil and Dheeraj-- were arrested in this case on July 19, 2023, and a chargesheet was filed on October 15, 2022 following which a court took its cognisance.

An FIR was registered on the complaint of the Union Bank of India alleging that DHFL, the housing finance company's then chairman-cum-managing director Kapil Wadhawan, then director Dheeraj Wadhawan and other accused entered into a criminal conspiracy to cheat the consortium of 17 banks led by the Union Bank of India.

In pursuance of the criminal conspiracy, it was alleged, the accused persons and others induced the consortium to sanction huge loans aggregating Rs 42,871.42 crore.

Much of that amount was allegedly siphoned off and misappropriated by alleged falsification of the books of the DHFL and dishonest default in repayment of the legitimate dues of the consortium banks, the CBI claimed.