Mumbai

Kapil Wadhawan granted bail

The ED has accused Mr. Wadhawan of playing a very ‘crucial role’ to launder money and had created shell companies under DHFL. Kapil Wadhawan

The ED has accused Mr. Wadhawan of playing a very ‘crucial role’ to launder money and had created shell companies under DHFL. Kapil Wadhawan  

DHFL promoter furnishes ₹5 lakh bond, walks out of jail

The special Prevention of Money Laundering Act (PMLA) court on Friday granted bail to Dewan Housing Finance Corporation (DHFL) promoter Kapil Wadhawan, who was arrested by the Enforcement Directorate (ED) for allegedly laundering money to buy the properties of Iqbal Mirchi, late aide of underworld don Dawood Ibrahim.

The ED had accused Mr. Wadhawan of playing a very ‘crucial role’ to launder money and had created shell companies under DHFL. These were eventually merged with Sunblink Real Estate Pvt. Ltd., which is controlled by the Wadhawans.

In Mr. Wadhawan’s defence, lawyer Amit Desai questioned his arrest on the ground that transactions of DHFL had nothing to with the money laundering case involving Mirchi. He said DHFL’s transactions are a separate case.

Mr. Desai also contended that Dheeraj Wadhawan and promoters of Sunblink Real Estate Pvt. Ltd., the key accused who were directly involved in buying the Worli properties of Mirchi, were granted bail.

The bail was opposed by ED on several grounds, including that Mr. Wadhawan may influence the probe.

The court imposed several conditions, including asking Mr. Wadhawan to surrender his passport and not leave the country. He was also asked not to tamper with evidence and not to directly or indirectly induce, threat or promise any person associated with the case to dissuade them from disclosing facts to the court or investigating officer.

Meanwhile, the ED moved the Bombay High Court to stay Mr. Wadhawan’s release but its application turned infructuous after Mr. Wadhawan furnished a cash bond of ₹5 lakh and walked out of Arthur Road jail. The ED had first moved its plea before Justices S.K. Shinde and P.D. Naik, who recused themselves from the case.

Later, Justice P.K. Chavan heard the ED’s appeal to cancel Mr. Wadhawan’s bail. Additional Solicitor General Anil Singh, along with the ED’s counsel, Hiten Venegaonkar, sought a stay on the PMLA court’s order stating that the offence was serious and they did not know the grounds on which bail was granted as the order was not available yet. They also argued that Mr. Wadhawan was an influential man and could tamper with evidence once released.

Mr. Desai, who appeared for Mr. Wadhawan, opposed the ED’s application and informed the court that Mr. Wadhawan had walked out of Arthur Road jail, which then made the ED’s plea infructous. The court, however, asked the ED to file a fresh application for cancellation of bail.

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Printable version | Apr 1, 2020 5:19:56 AM | https://www.thehindu.com/news/cities/mumbai/kapil-wadhawan-granted-bail/article30884594.ece

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