India News | Wadhawan Brothers Granted Bail in Cheating Case

Chennai, Oct 12 (PTI) A city court on Monday granted conditional bail to Mumbai-based Wadhawan brothers of DHFL, arrested by the police for allegedly defrauding depositors of crores of rupees.

S Sathi Kumar, Judge, Special Court constituted under the Tamil Nadu Protection of Interest of Depositors (TNPID) Act, granted the relief to DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan, while passing orders on their applications seeking bail.

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According to the prosecution, an FIR was registered following a direction from the Madras High Court earlier against Dewan Housing Finance Corporation Limited and others on the charge of defrauding investors, allegedly by floating bogus schemes and failing to return about Rs 218 crore to depositors.

The two were arrested by the Economic Offences Wing (EOW)of the police on October 7.

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The judge granted the bail subject to the conditions that the duo shall deposit Rs 50 lakh each with the court and execute a personal bond for a similar sum for both with two sureties each.

One of the sureties shall be a blood relative of the petitioners.

On release on bail, they shall report before the Deputy Superintendent of Police, EOW Chennai daily until further orders.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)