Businessmen Kapil Wadhawan and Dheeraj Wadhawan have been granted bail in the Yes Bank case today after the Enforcement Directorate (ED) failed to file chargesheet against them in 60 days' period. Justice Bharati Dangre, while hearing the case, granted the bail on a bond of Rs 1 lakh cash and submission of their passports. The Dewan Housing Finance Corporation Ltd promoters will, however, remain in jail as the Central Bureau of Investigation (CBI) is still investigating them in the same case.
Both the brothers were arrested by the ED on May 14 on the charges of money laundering. The ED launched the investigation into the case after the CBI filed an FIR against the brothers on March 7. The FIR alleged the'quid pro quo' link between former Yes Bank promoter Rana Kapoor and the Wadhawans. As per the CBI, several "suspicious loans" were issued by Yes Bank to the Wadhawans.
Later on July 15, the ED also filed a chargesheet against the Wadhawans, Rana Kapoor, his wife Bindu Kapoor, daughters Roshni and Rekha, and their chartered accountant firm Dularesh K Jain and Associate. This was the primary chargesheet in the case and a supplementary chargesheet was supposed to be filed in 60 days.
The probe against Wadhawans was launched after Rana Kapoor, in his earlier statement to the ED, earlier said that in 2018, DHFL had issued retail senior public debentures worth Rs 8,000 to Rs 10,000 crore, and an amount of approximately Rs 3,000 crore plus was allocated for purchase by Yes Bank as per the Bank's Board Credit Committee approval. The ED had alleged a "quid pro quo" in these loans.
Besides, a loan of Rs 600 crore against property mortgage was sanctioned by DHFL to DOIT Urban Ventures India Ltd, which is wholly owned by a company namely Morgan Credits, equally held by Rana Kapoor's daughters. Two earlier loans of Rs 300 crore each were also given to DOIT by DHFL, which were duly closed in August 2018, and a renewed loan of Rs 600 crore was granted.
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