Supreme Court dismisses anticipatory bail plea of DHFL promoters in Yes Bank money laundering case

The Supreme Court Friday dismissed the anticipatory bail pleas of DHFL promoters Dheeraj Wadhawan and Kapil Wadhawan in a cash laundering case of Yes Bank being probed by the Enforcement Directorate (ED).

The Wadhawans, now arrested, have challenged the Bombay High Court’s May 12 order rejecting their plea for pre-arrest bail.

A bench of Justices Sanjay Kishan Kaul and B R Gavai dismissed a batch of 4 pleas after senior advocate Mukul Rohatgi, showing for the Wadhawans, stated that he was not urgent his prayer for aid.

Solicitor normal Tushar Mehta, showing for the ED stated that each the accused have been arrested and therefore their plea for anticipatory bail turns into infructous. The bench dismissed the pleas as withdrawn.

The excessive courtroom had refused to grant pre-arrest bail to DHFL promoters, noting that their custodial interrogation was required to unearth the conspiracy and modus operandi within the multi-crore rip-off.

The Wadhawans are in jail after being earlier arrested by the CBI in a separate case associated to the Yes Bank rip-off.

They had moved the excessive courtroom for anticipatory bail within the cash laundering case and one other case pertaining to alleged irregularities within the funding of workers’ provident fund of Uttar Pradesh Power Corporation Ltd (UPPCL).

The excessive courtroom had famous in its order that the candidates weren’t co-operating with the method of legislation and that the ED had issued a number of summonses to each Kapil and Dheeraj in search of their presence for questioning within the circumstances.

The courtroom stated though the Wadhawans responded to the summonses and notices issued to them by the ED, they evaded investigation by not showing earlier than the company.

The response to the summonses speaks of apathetic and an detached method. The lackadaisical method of the candidates could be effectively famous of their response to the prosecuting company, the courtroom had stated.

Wadhawans’ counsel had contended earlier than the excessive courtroom that no case has been made out for cash laundering and the transactions in query have been made in regular course of enterprise.

They had argued that there was no case for any arrest or arrest warrant at this stage for his purchasers within the midst of the Covid-19 lockdown in a matter of monetary nature which is being investigated for the final six months.

The Wadhawans have claimed they’ve been made “scapegoat of political quandary” within the state. The courtroom, nonetheless, refused to simply accept the excuse of the Covid-19 pandemic and had stated this shall not deter the ED from investigating a critical offence of cash laundering which has shaken the economic system of this nation.

Dheeraj and Kapil Wadhawan have been arrested in April by the Central Bureau of Investigation (CBI) in reference to the Yes Bank rip-off.

According to the CBI FIR, the rip-off began taking form 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 members of the family within the type of loans to DoIT Urban Ventures (India) Pvt Ltd held by the spouse and daughters of Kapoor, the CBI has claimed.