SC Issues Notice to CBI on Wadhawan Brothers’ Bail Pleas in ₹340-Billion Bank Fraud Case

The Supreme Court on Monday issued a notice to the Central Bureau of Investigation on bail petitions filed by Kapil Wadhawan and Dheeraj Wadhawan, former chairmen of the erstwhile Dewan Housing Finance Corp. Ltd., in connection with a bank loan fraud case. The matter will be heard on November 19.

According to the CBI’s first information report, the Wadhawan brothers, along with others, allegedly conspired to cheat a consortium of 17 banks led by Union Bank of India by siphoning off and misappropriating large sums through falsified books of Dewan Housing.

The agency said the accused wilfully defaulted on payments, causing a loss of about ₹340 billion to the lending consortium between January 2010 and December 2019. The Delhi High Court had earlier dismissed their bail pleas — Dheeraj Wadhawan’s in September and Kapil Wadhawan’s in August.