HC grants bail to the Yes Bank fraud accused: Kapil and Dheeraj Wadhawan

Kapil and Dheeraj Wadhawan finally got their bail from the High Court. The Bombay High Court on Thursday announced the verdict. These two men was connected with thw Yes Bank fraud case.

After their bail, the enforcemet directorate filed a charge sheet against them. After the period of 60 days for doing so. The Wadhawan brothers are still in captive. Because the investigation of the CBI is on.

Yes Bank is alleged to have invested ₹3,700 crore in short term non-convertible debenture of DHFL between April and June 2018. Kapoor allegedly received ₹600 crore as kickbacks from DHFL. In terms of loan advanced to two firms, DOIT Urban Ventures (India) Private Limited and Morgan Credits Private Limited. While Kapoor’s three daughters hold 100℅ stakes in DOIT, Morgan Credits is controlled by his wife.

Justice Bharati Dangre granted bail to the Wadhawan brothers in lieu of ₹1 lakh bond each. But on the condition that they will surrender their passports to the investigators. The court observed that an accused cannot be kept in custody even for a day after they have the right to default bail.

Justice Dangre refused to accept the request. The judge said the settled legal position is that once the right of default bail is due. The accused cannot be kept in custody thereafter even for a day.

The Wadhawan brothers after the stipulated time of 60 days are to set free. The judge said passing an order. No court can intervene in this matter in any way what so ever.

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