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DHFL promoters Kapil, Dheeraj Wadhawan released from quarantine facility, face arrest

The Wadhawan brothers, accused in YES Bank and Iqbal Mirchi property case, have been directed by the government authorities to not leave Satara District without permission from the CBI

twitter-logoBusinessToday.In | October 20, 2020 | Updated 08:27 IST
DHFL promoters Kapil, Dheeraj Wadhawan released from quarantine facility, face arrest
Dewan Housing Finance Limited (DHFL) promoter Kapil Wadhawan

The promoters of crisis-hit Dewan Housing Finance Limited (DHFL), Kapil and Dheeraj Wadhawan, have been released from COVID-19 quarantine facility and have been asked to stay at their home in Mahabaleshwar from where they were detained on April 9. The Wadhawan brothers, accused in YES Bank fraud case, along with other family members were released from the facility after completing 14 days of quarantine at a government school in Maharashtra's Panchgani.

The Wadhawan family has been directed by the government authorities to not leave Satara District without permission from the Central Bureau of Investigation (CBI), officials said.

On April 9, billionaire brothers Kapil and Dheeraj Wadhawan along with 21 others were detained in Mahabaleshwar, a hill station in Maharashtra, for violating lockdown orders.

The CBI had asked District Magistrate of Satara to not release DHFL promoters from quarantine facility without its approval as they face non-bailable warrants in the YES Bank fraud case. Both Kapil and Dheeraj were absconding since the case was registered against them on March 7, prompting the CBI to get non-bailable warrants (NBWs) against them from a special court.

The CBI is likely to arrest Kapil and Dheeraj Wadhawan. However, court has put a stay on non-bailable warrant against the duo till May 5.

Also Read: Coronavirus in India: DHFL promoters Kapil, Dheeraj Wadhawan booked for breaking lockdown

The Wadhawan brothers are named as accused in CBI FIR pertaining to alleged swindling of money by YES Bank former CEO Rana Kapoor and others. The CBI is probing the role of Wadhawan brothers in the YES Bank case on allegations that DHFL received Rs 3,700 crore of investment in exchange for paying Rs 600 crore as bribes to firms related to family members of YES Bank founder Rana Kapoor.

The ED, which is also probing DHFL and its promoters in connection with Iqbal Mirchi property case, is also in touch with authorities in Satara and is keeping a close watch on developments as well.

The CBI and the ED said the Wadhawans have been visiting Mahabaleshwar for some time now, sources told India Today TV. They said the family was there with a big entourage in mid-March as well.

Also Read: Coronavirus in Maharashtra: IPS officer sent on leave for letting Wadhawans travel

This development comes at a time when the probe agencies have had issued multiple summons to the Wadhawans to join the probe in the YES Bank case. However, they have refused to appear for questioning arguing that they can't appear for questioning due to the spread of novel coronavirus in India.

Meanwhile, Maharashtra government has informed the CBI and ED that all 23 members will be released on April 22 and they will provide assistance if the agency decides to take any action against the Wadhawan brothers.

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