DHFL Promoters granted bail

A special court for cases under the Tamil Nadu Protection of Interest of Depositors Act (TNPID) on Monday granted conditional bail to Dewan Housing Finance Corporation Limited (DHFL) promoters, Kapil Wadhawan and Dheeraj Wadhawan, who were arrested by the Economic Offences Wing (EOW) of the CB-CID in connection with cheating a firm to the tune of ₹200 crore.

The EOW booked the case based on the complaint of 63 Moons Technologies, Anna Salai. The power agent of the firm, John Deepak, had approached the Madras High Court seeking its direction to register a case. The court had asked the EOW to consider the complaint and take appropriate action in August.

The case stated that 63 Moons Technologies Group had invested ₹200 crore in non-convertible debentures from DHFL, represented by the Wadhawan brothers, on an assurance made by them that they would give a high rate of interest at 9.05% to 9.25% per annum.

The police said the firm offered the dividend for the period 2016-2017 and then failed to pay, which piled up to ₹18 crore.

A first information report was filed against 11 accused, including the Wadhawan brothers. The brothers were arrested by the Enforcement Directorate on September 26 and lodged in Taloja jail, Navi Mumbai, Maharashtra.

The EOW police team produced the two before a magistrate court in Mumbai, and brought them to Chennai last Wednesday after obtaining a transit warrant. They were lodged in the Central Prison, Puzhal.

Their bail petitions were taken up for hearing. Advocates S. Elambharathi and Abdul Saleem, representing the accused, submitted that the FIR registered against the accused for offences under the TNPID Act was not maintainable as there were no depositors at all as required under the Act.

Allowing the bail applications, special judge S. Sathish Kumar granted the bail and directed the accused to deposit ₹50 lakh each as a condition with two sureties.

Conditions imposed

“On being released, the petitioners should report before the Deputy Superintendent of Police EOW, Chennai, daily at 10.00 a.m. until further orders. They should cooperate with the pending Investigation and should not threaten, influence or hinder witnesses. If there is any violation of the above conditions, the investigation officer is within his powers to move this court for cancellation of bail,” the court order said.

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Printable version | Dec 2, 2020 7:28:09 AM |

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