DHFL case: Delhi Court extends interim bail of Ajay R. Nawandar by four weeks on medical ground

New Delhi [India], September 13 : A Delhi Court on Tuesday extended by four weeks the interim bail of Ajay Ramesh Nawandar, arrested in connection with an alleged bank fraud of Rs 34,615 crore by Dewan Housing Finance Corporation Limited (DHFL) on medical ground.
Special Judge Vishal Gogne on Tuesday while extending the interim bail said that the interim bail of the accused is extended for four weeks from the date of expiry of the previous tenure of interim bail. He was granted 2 weeks interim bail on medical ground.
While passing order, the court noted that the documents from Fortis hospital, Delhi and Kokilaben Dhirubhai Hospital, Mumbai suggest that accused/applicant has been advised twin Surgeries inter alia stapled hemmorids and angioplasty/invasive stem cell therapy for debridement of foot. The record from Fortis Hospital, Delhi reveals that the accused is presently admitted at the said hospital for the former surgery.
In this scenario, the court is unable to accept the proposition that the applicant has been flitting between hospitals only to avoid detention at Central Jail, Tihar. There appears to be a continued basis for him to receive medical treatment including surgery.
Appearing for accused Ajay Ramesh Nawandar, Advocate Hemant Shah has prayed for extension of his interim bail for a duration of five weeks citing the medica treatment/diagnosis and recommended treatment during the preceding period of interim bail. It has been specifically agitated that the accused has been recommended multiple surgeries by hospitals both in Delhi and Mumbai.
Earlier the same court had dismissed the regular bail petition of the accused and said that the offences are economic in nature but on account of the investigation into the present offences being intricate, the accused prima facie being complicit at some stage of the handling/diversion of the humongous funds originating from the loans, a strong likelihood of him tampering with evidence and the foreseeable possibility of him influencing witnesses if admitted to bail.
Earlier, Advocate Hemant Shah had submitted that his client was arrested in the matter regarding the erstwhile promoters of DHFL siphoned the credit facilities availed from banks and a small fraction of amount thereof was also spent on purchasing certain paintings/ sculptures. Out of these paintings, 2 paintings have been recovered from the premise of the applicant (Nawandar) and the same did not belong to the applicant.
He also stated that Applicant was never associated with DHFL or its erstwhile promoters and had no connection with them. It is further apt to add that not even a single dime has even come to the Applicant either before the accounts turned NPA or subsequently.
According to the CBI, during the searches at Nawandar's premises it has recovered a large number of uber-luxury watches worth crores of rupees, including Rolex Oyster Perpetual, Cartier, Omega and Hublot Michael Kors.
During investigation, it was found that the promoters had allegedly diverted the funds and made investments in various entities. It was also alleged that the promoters had acquired expensive paintings and sculptures worth about Rs. 55 Crore (approx.) using the diverted funds, said CBI officials.
The Promoters of DHFL, Kapil Wadhawan and Dheeraj Rajesh Wadhawan were also recently arrested by the CBI and presently in Judicial custody.
A case was registered on complaint from Union Bank of India, Industrial Finance Branch, Mumbai against private (Borrower) company based at Mumbai, its then CMD, then Director and others including a private person, private companies, unknown public servant(s) and private persons on the allegations that the accused cheated a consortium of 17 banks led by Union Bank of India to the tune of over Rs. 34,615 crore (approx.) by siphoning off loans availed from the banks and falsifying the books of said private (Borrower) company and creating Shell Companies/false entities, which had come to be known as "Bandra Book Entities".
It was alleged that the said private company and its promoters had created a number of shell companies & fictitious entities (the Bandra Book entities) and siphoned off huge funds by disbursing funds to such fictitious entities.
It was further alleged that separate audits conducted by other private audit accounting organisations had identified multiple instances of diversion of funds by the accused for personal benefits and falsification of books of accounts to camouflage and conceal dubious transactions.
The audits also identified several instances where large value loans were provided to such fictitious entities without due diligence and without securities. Instances of sanction and disbursement of loans, merely by e-mail communications were allegedly found for which no loan files were maintained in the said private (Borrower) company.