Supreme Court Cancels Dheeraj Wadhawan’s Bail in DHFL Case, Orders Surrender Within 2 Weeks

Supreme Court Cancels Dheeraj Wadhawan’s Bail in DHFL Scam, Orders Surrender Within Two Weeks

The Supreme Court on Tuesday revoked the bail granted to former DHFL promoter Dheeraj Wadhawan in the ₹34,000 crore bank loan fraud case, ordering him to surrender within two weeks. The decision comes after a review of medical records that contradicted the earlier basis for his release.

Wadhawan was granted bail by the Delhi High Court on September 9, 2024, on medical grounds after being classified as a ‘sick person.’ However, a recent evaluation by a medical board—examined by the apex court—led to the conclusion that his condition did not warrant continued bail.

The court has now directed Wadhawan to surrender within 14 days, with an assurance that jail authorities will ensure proper medical care during his incarceration.

Dheeraj Wadhawan, along with his brother Kapil Wadhawan, stands accused in one of India’s largest banking frauds. The brothers allegedly defrauded a consortium of 17 banks to the tune of ₹34,000 crore through criminal conspiracy, breach of trust, and misappropriation of funds.

Investigations revealed that DHFL had disbursed approximately ₹29,100 crore to 66 entities closely linked to the Wadhawan family. These funds, disguised as loans, were allegedly siphoned off and redirected into personal assets such as land and real estate holdings.

Following red flags raised in early 2019 over suspicious fund flows, the banks involved appointed KPMG to conduct a forensic audit. The findings confirmed large-scale financial irregularities and circular transactions designed to conceal the diversions.

Dheeraj Wadhawan was arrested in 2022 and taken into judicial custody following a CBI investigation. The Central Bureau of Investigation has since filed multiple charges against the Wadhawan brothers in connection with the scandal.

The Supreme Court’s latest directive marks a major development in the ongoing legal proceedings against the former DHFL promoters, tightening judicial oversight in a case that continues to draw national attention.