High Court Denies Bail to Financial Fraud Mastermind Wadhawan
The Delhi High Court denied bail to DHFL promoter Kapil Wadhawan, involved in a massive Rs 34,926 crore bank fraud. The court cited Wadhawan's influential role and misconduct during custody, stating the risk of evidence tampering and witness influence, justifying the decision to deny bail.
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The Delhi High Court has refused bail to Kapil Wadhawan, promoter of Dewan Housing Finance Corporation Limited (DHFL), in relation to an alleged Rs 34,926 crore bank fraud. The decision was based on Wadhawan's misconduct during custody, which the court noted was 'not beyond reproach.'
Justice Ravinder Dudeja emphasized the serious nature of economic offences, describing them as crimes that impact the entire financial system. Wadhawan, accused of masterminding the fraud, was said to have misappropriated funds from 17 banks.
The court expressed concern over Wadhawan's potential influence on witnesses and the risk of tampering with evidence if released. The allegations included manipulation of assets and exercising undue influence even from custody.
(With inputs from agencies.)
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