Headnote
AI-drafted · Reviewed and approved
The petitioner filed an application under Section 439 Cr.P.C. read with Section 482 Cr.P.C. seeking regular bail in a CBI case arising out of FIR No. RC 2242022A0001/CBI/AC-VI(SIT)/New Delhi dated 20.06.2022. The case pertains to an alleged bank fraud involving Dewan Housing Finance Corporation Ltd. (DHFL), wherein the Wadhawan Brothers (Kapil and Dheeraj Wadhawan), as CMD and Director respectively, induced a consortium of 17 banks to sanction loans aggregating approximately Rs.42,000 crores, and allegedly siphoned off and misappropriated significant funds by falsifying books of accounts, causing wrongful loss of Rs.34,926.77 crores to consortium lenders between January 2010 and December 2019.
The charge sheet, filed on 15.10.2022, implicated 75 accused persons/companies including the petitioner. The Wadhawan Brothers allegedly incorporated 87 shell companies for diverting funds disbursed by DHFL, with funds used for personal expenses, real estate projects, and acquisition of artworks. The petitioner was alleged to have received two paintings acquired from misappropriated bank funds, and to have directed entry of assignment agreements for such paintings to conceal their origin.
The High Court of Delhi at New Delhi, before Justice Jyoti Singh, considered the bail application in the context of serious allegations of criminal conspiracy, misappropriation of public funds, and offences under the IPC and the Prevention of Corruption Act, 1988. The order reflects the court's examination of the role of the petitioner in the larger conspiracy involving DHFL's massive bank fraud.
Catchwords:
bail · regular bail · bank fraud · DHFL · Dewan Housing Finance Corporation · criminal conspiracy · misappropriation · siphoning of funds · shell companies · Non-Performing Assets · Prevention of Corruption Act · charge sheet · CBI · consortium banks · Non-Convertible Debentures · Bandra Books · paintings · artworks
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Full Judgment Text
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Delhi High Court - Orders
Ajay Ramesh Chandra Nawandar vs Central Bureau Of Investigation on 31 May, 2024
Author: Jyoti Singh
Bench: Jyoti Singh
$~
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ BAIL APPLN. 353/2023
AJAY RAMESH CHANDRA NAWANDAR ..... Petitioner
Through: Mr. Vikas Pahwa, Senior Advocate
with Mr. Hemant Shah, Mr. Akshay Rana,
Mr. Saurabh Pal and Ms. Nancy, Advocates
versus
CENTRAL BUREAU OF INVESTIGATION ..... Respondent
Through: Mr. Anupam S. Sharrma, SPP, CBI
with Mr. Prakarsh Airan, Ms. Harpreet Kalsi,
Mr. Abhishek Gupta, Mr. Ripuda
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