DHFL promoters Kapil Wadhawan, Dheeraj Wadhawan granted bail in cheating case

CHENNAI: 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.

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.

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.