The Bombay High Court has denied bail to Dheeraj Wadhawan, co-founder of Dewan Housing Finance Limited (DHFL). Wadhawan was arrested in the Yes Bank scam and has been in jail for the last two years.
The High Court gave its verdict on Thursday. The court said that Wadhawan cannot be granted bail as he is a big criminal and he is at risk of absconding on bail. The court said that Wadhawan has defrauded Yes Bank of Rs 6000 crore and he will not be able to return this amount.
Wadhawan's lawyer had said in the bail application that Wadhawan is old and has many diseases. He said that keeping the Wadhawans in jail would worsen their condition. He said that Wadhawan has not stolen any money from Yes Bank and he will cooperate in the investigation after being released on bail.
However, the court rejected all these arguments. The court said that there are serious allegations against Wadhawan and he is in danger of absconding on bail. The court said that Wadhawan's safety can be ensured only by keeping him in jail.
After Wadhawan's bail was denied, his lawyer said that he would go to the Supreme Court against this decision.
Yes Bank scam is the biggest bank scam in the country. In this scam, a fraud of Rs 6000 crore has been done from Yes Bank. The Wadhawans are the main accused in this scam. He was arrested for defrauding Yes Bank of Rs 6000 crore and not returning the amount.
Wadhawan was arrested in 2020 and has been in jail since then. He has filed a petition in the court several times for bail, but the court has rejected his bail plea every time.
Yes Bank shares declined after the Wadhawans were denied bail. The share price of Yes Bank has fallen by 10%.
Yes Bank scam is a big blow to the country's economy. This scam has also damaged the banking system of the country.
