Yes Bank fraud case: Bombay HC grants bail to Wadhawan brothers

By: |
August 20, 2020 1:25 PM

The Enforcement Directorate had initiated proceedings in the case after the CBI registered an FIR on March 7, 2020 in connection with alleged suspicious loans granted by Yes Bank.

The brothers, however, will remain in jail as they have also been booked by the CBI in the same case.The brothers, however, will remain in jail as they have also been booked by the CBI in the same case.

The Bombay High Court on Thursday granted bail to Dewan Housing Finance Corporation Ltd promoters Kapil Wadhawan and Dheeraj Wadhawan, who have been accused of money laundering by the Enforcement Directorate in the multi-crore Yes Bank fraud case.

Justice Bharati Dangre granted them bail as the Enforcement Directorate (ED) failed to file its charge sheet against them in the case within the stipulated 60-day period. The court directed the duo to deposit Rs one lakh each as surety and surrender their passports.

The brothers, however, will remain in jail as they have also been booked by the Central Bureau of Investigation (CBI) in the same case. They had sought bail claiming the ED failed to file its charge sheet within the stipulated period of 60 days.

The brothers were arrested by the ED on May 14 on money laundering charges. The ED filed its charge sheet on July 15 against the Wadhawans, Yes Bank founder Rana Kapoor, his wife Bindu Kapoor, daughters Roshni and Rekha, and their chartered accountant firm Dularesh K Jain and Associate.

The Enforcement Directorate had initiated proceedings in the case after the CBI registered an FIR on March 7, 2020 in connection with alleged suspicious loans granted by Yes Bank and the ‘quid pro quo’ between Rana Kapoor and the Wadhawans.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1India Ratings downgrades banking sector outlook to negative from stable
2Godrej Fund Management to raise $400-500 million early next year for another office fund
3Tatas reply to Mistry group’s notice