Yes Bank case of ED: HC refuses pre-arrest bail to Wadhawans

PTI, May 12, 2020, 4:26 PM IST

Mumbai: The Bombay High Court on Tuesday refused to grant pre-arrest bail to DHFL promoters Dheeraj Wadhawan and Kapil Wadhawan in connection with a money laundering case of Yes Bank being probed by the Enforcement Directorate.

The Wadhawans, who are presently in jail after being arrested by the CBI in the Yes Bank case, moved the high court last week seeking anticipatory bail in the money laundering case, and another case pertaining to alleged irregularities in the investment of employees’ provident fund of the Uttar Pradesh Power Corporation Ltd (UPPCL).

Justice Bharati Dangre on Tuesday rejected the pleas in both the cases.

Wadhawans’ counsel Amit Desai last week argued that there was no case made out for money laundering and the alleged transactions were made in the normal course of business.

Desai further argued that there was no case made out for any arrest or an arrest warrant at this stage, in the midst of COVID-19 lockdown, in a matter of financial nature which is being investigated for last six months.

The Enforcement Directorate (ED) counsels Anil Singh and Hiten Venegavkar opposed the pleas and argued that provident funds worth Rs 4,200 crore were deposited with the Dewan Housing Finance Corporation Ltd (DHFL) as fixed deposits in alleged collusion with some officials of the UPPCL.

Dheeraj Wadhawan and Kapil Wadhawan were arrested last month by the Central Bureau of Investigation (CBI) in connection with the Yes Bank scam.

According to the CBI FIR, the scam started taking shape between April and June 2018 when Yes Bank invested Rs 3,700 crore in short-term debentures of the scam-hit DHFL.

In return, the Wadhawans allegedly “paid kickbacks of Rs 600 crore” to former Yes Bank CEO Rana Kapoor and his family members in the form of loans to DoIT Urban Ventures (India) Pvt Ltd held by the wife and daughters of Kapoor.

Besides the CBI, the duo is also being probed separately by the ED in connection with the Yes Bank scam.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Vijaypura: Newborn baby found abandoned near canal

Pregnant forest guard beaten up by couple in Maha’s Satara, duo held; minister promises strict action

Mandya: Out on bail Hindu seer Rishikumar Swami demands closure of mosque; sparks row

Both lives and livelihood will be considered as K’taka govt to decide on COVID curbs tomorrow: Min R Ashoka

Delhi riots: Convict Dinesh Yadav gets 5 years in jail for setting house on fire

In Gorakhpur, Bhim army chief Chandrashekhar Azad to take on Yogi Adityanath

Europe considers new COVID-19 strategy: accepting the virus

Related Articles More

FinMin to release Rs 47,541 cr advance installment of tax devolution to states

Agricultural exports likely to create history crossing USD 50 billion, says Ministry of Commerce

Artha to represent Talend in India as Master VAR

All 3 independent directors of PTC India Financial Services resign

Digital payments record 40 pc annual growth at Sep-end 2021: RBI data


NEWS BULLETIN 20-01-2022


Robbery at Chincholi : Video viral

Man Desighned Tallest Ridable Bicycle

Groundnut Cultivation Practices / Peanut farming in India

Latest Additions

SBI Manipal directed to pay Rs 10,000 compenstion to customer for mental harassment

Karnataka govt launches AVGC Center of Excellence in Bengaluru

Vijaypura: Newborn baby found abandoned near canal

Stampede at religious ceremony in Liberia kills 29 people

Pregnant forest guard beaten up by couple in Maha’s Satara, duo held; minister promises strict action

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.