Bank Scam Case: SC Grants 3 Months Interim Bail To HDIL Promoter Rakesh Wadhawan

The Supreme Court on Thursday granted interim bail of 3 months to Housing Development Infrastructure Ltd promoter Rakesh Wadhawan, embroiled in a Rs 4,300-crore Punjab and Maharashtra Cooperative (PMC) Bank scam case, on the medical grounds.

A bench comprising justices Aniruddha Bose and Bela M Trivedi took note of the medical condition of Wadhawan while granting him bail.

The bench stated, “On going through the medical reports and having regard to his health condition reflected, we are of the view that the petitioner may be released on interim bail on medical grounds. He shall be permitted to remain at his residential house under police custody at his own cost. The number of policemen required to guard him shall be decided by the state government and the state shall raise bill on him on weekly basis.”

The top court also directed that Wadhawan, if required, be taken to JJ Hospital Mumbai for the treatment.

The top court stated, in the event, the treatment is not available there, then he may be taken to a private hospital.

Wadhawan has moved the top court against the October 26 order of the Bombay High Court refusing him bail on the medical grounds.

The order came after senior advocate Mukul Rohatgi, appearing for 71-year-old Wadhawan, submitted that his client has been in jail for a period of 4 years and was suffering from various ailments.

He placed on record the medical report of Wadhawan citing his health condition.

Rakesh Wadhawan and Sarang Wadhawan were booked by the CBI in October 2020 in connection with a Rs 200-crore alleged loan fraud from Yes Bank and have been facing investigation by multiple agencies.

They are also being probed by the ED as part of another Prevention of Money Laundering Act case related to an alleged loan fraud at the PMC Bank involving an amount of more than Rs 4,300 crore.

The officials stated that the firm allegedly entered into a Rs 3,167-crore development contract with the Maharashtra Housing and Area Development Authority for the development of 40 acres of land in Mumbai’s Goregaon (West) in 5 phases.