Supreme Court Cancels Bail Granted to Dheeraj Wadhawan in ₹34,000 Cr DHFL Bank Fraud Case
The Court has directed Dheeraj Wadhawan to surrender within two weeks, making it clear that medical reasons cannot be misused to avoid custodial investigation, especially in high-stakes economic offences.
The Supreme Court cancelled the bail granted to him by the Delhi High Court, which was earlier allowed on medical grounds in connection with the ₹34,000 crore DHFL bank fraud case. The apex court, after considering the submissions of both parties and reviewing a fresh medical assessment, held that there was no justification to sustain the bail granted earlier. The court had...
The Supreme Court cancelled the bail granted to him by the Delhi High Court, which was earlier allowed on medical grounds in connection with the ₹34,000 crore DHFL bank fraud case.
The apex court, after considering the submissions of both parties and reviewing a fresh medical assessment, held that there was no justification to sustain the bail granted earlier.
The court had earlier directed the constitution of a medical board at Sir J.J. Hospital, Mumbai, to independently examine Wadhawan’s health condition. The board, after evaluation, reported that the accused does not require any immediate medical treatment or hospitalization.
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The bench found no exceptional medical urgency that warranted continued liberty. It thus set aside the Delhi High Court’s order dated 09.09.2024 that had temporarily released Wadhawan on bail due to health issues.
The Supreme Court has directed Dheeraj Wadhawan to surrender within two weeks, making it clear that medical reasons cannot be misused to avoid custodial investigation, especially in high-stakes economic offences.
The Central Bureau of Investigation (CBI), represented by Additional Solicitor General Shri S.V. Raju had pressed for cancellation of bail, stating the seriousness of the charges and risk to the investigation.
The case is one of India’s largest financial frauds, involving alleged misappropriation of funds by Dewan Housing Finance Corporation Limited (DHFL) promoters to an amount of ₹34,000 crore through a web of fake companies and transactions, affecting many banks.
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In January 2019, DHFL came under examination as media reports revealed that funds were being diverted. KPMG was hired by a group of banks to perform an audit, which turned up financial diversions masquerading as loans to organizations connected to the DHFL.
According to the audit, Rs 29,100 crore was distributed to 66 companies connected to the DHFL promoters, with a large amount of the money going towards real estate and land investments, reported India Today.
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