Mumbai court rejects Wadhawan brothers’ plea to probe into CBI's DHFL-Yes Bank case records

Kapil Wadhawan

A Mumbai special court has rejected Kapil and Dheeraj Wadhawan’s plea on behalf of Dewan Housing Finance Ltd (DHFL) promoters, seeking inspection into the Central Bureau of Investigation (CBI) case registered against them.

The plea was rejected because the court deemed it unworthy of an urgent hearing with the entire nation still being under lockdown to try and contain the spread of the novel coronavirus pandemic, reported The Economic Times. Right now, all courts across India are only hearing cases that call for immediate judicial intervention.

The Wadhawan brothers moved the special court earlier this week seeking certified copies of the case filed against them and its proceedings, along with a court inquiry into the case. Opposing this, the CBI pointed out on April 15 that the court must look only into urgent matters right now in view of the lockdown.

The investigating agency further said that the duo might have moved the court to seek orders that would help upturn the non-bailable warrants issued against them, adding: “Even after the issuance of arrest warrants by the court, they have been absconding and were evading the process of law”.

The CBI also told the court that they need to interrogate the brothers in custody to get to the bottom of the conspiracy and “establish the role of other officials/persons involved”.

Notably, the CBI procured an “open-ended arrest warrant” against the Wadhawan duo on March 17, based on an FIR that was registered on March 7.

The FIR named the Wadhawans, DHFL, and Yes Bank founder Rana Kapoor, along with some others and they were charged with corruption and being involved in a criminal conspiracy.

The FIR stated that Yes Bank had invested Rs 3,700 crore on DHFL in the form of short-term debentures in 2018. The DHFL, on the other hand, had paid kickbacks totalling Rs 600 crore to ‘DO It Urban Ventures’—the company owned by Kapoor’s daughters. “The Yes Bank investment later turned into a non-performing asset,” the FIR mentioned.