Allahabad High Court while hearing a Criminal Misc Bail Application filed by Kapil Wadhawan and Another rejected the bail application of Kapil Wadhawan and Dheeraj Wadhawan, the then Managing Director and Director of DHFL, who are in jail in the PF scam case in Uttar Pradesh Power Corporation.
Kashish Developers has borrowed funds from DHFL amounting to Rs 725 crore for the purpose of meeting the cost of construction but the actual utilization of the loan funds are not the one stated in the loan document.
The Bombay High Court today denied bail to Kapil and Dheeraj Wadhawan, promoters of Dewan Housing Finance Limited (DHFL), accused in the Yes Bank money laundering case.