Lawstreet Journal

Bail Order Passed by Bombay HC Stayed by SC in Yes Bank Scam Case [READ ORDER]

Lawstreet Journal 8 Sep 2020 8:33pm

Image courtesy: Lawstreet Journal Judiciary Bail Order Passed by Bombay HC Stayed by SC in Yes Bank Scam Case [READ ORDER]

On Thursday (September 3, 2020), the top court stayed a bail order granted to the accused of Yes Bank Scam Kapil and Dheeraj Wadhawan former DHFL promoters by the Bombay High Court. 

Last week, the ED moved the Supreme Court against the order of the Bombay High Court of granting bail to the two accused brothers through a Special Leave Petition and the bench comprising of Justices Sanjay Kishan Kaul, Ajay Rastogi, and Aniruddha Bose stated the order till the next hearing that is 7th October and said it would look into the legal issue involved in the bail plea. It said the legal issues related to the remand duration need to be investigated.

Kapil and his brother, Dheeraj Wadhawan is co-accused in a money laundering case registered by the federal agency against Yes Bank Ltd. (YBL) co-founder, Rana Kapoor. The Wadhawan brothers were arrested on May 14th by the ED in the said case. 

Two agencies namely CBI and the ED are probing the alleged fraud caused to YBL. While the CBI is probing the alleged conspiracy, cheating, and forgery, whereas ED is probing allegations of money laundering. 

A bail application was filed by the two accused in Bombay High Court on July 13th for the default of filing a charge-sheet within 60 days. 

Justice Bharati Dhangre of Bombay High Court granted bail on a technical ground that the Enforcement Directorate (ED) failed to file its prosecution complaint (equivalent to a charge sheet) within the stipulated time period of 60 days. 

The sources state that… Continue Reading...

Tagged: Yes Bank  
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