This Is A Scam With An Unimaginably Wide Canvas: CBI Before Delhi HC in DHFL Loan Fraud Case

The Central Bureau of Investigation, on Wednesday, argued before the Delhi High Court in a bail application filed by Kapil Wadhwan. Kapil and Dheeraj were accused in the high-profile Yes Bank–DHFL loan fraud case. The bench of Justice Ravinder Dudeja recorded the submissions of CBI and listed the matter for re-joinder on 18 July 2025.

Special Public Prosecutor Anupam S. Sharma, appearing for CBI, described the case as one involving an “unimaginably wide” scam. SPP Sharma alleged that 81 sham companies were created to facilitate the diversion of funds. Instead of transferring the funds to homebuyers, the money was reportedly rerouted to these fictitious entities. Furthermore, it was claimed that even funds meant for slum redevelopment were misappropriated. He urged the court to consider the gravity of the offence.

SPP Sharma asserted that the offence registered in Delhi pertained to defaulting loans, whereas the case in Mumbai involved allegations of bribery linked to investments made by Yes Bank. SPP Sharma argued that each offence should be tried separately, as they involved distinct conspiracies.

Senior Advocate N. Hariharan appeared virtually for Wadhwan. He argued that the CBI’s submissions regarding the argument on charge exceeded the scope of the present bail application. He further stated that the issue of framing charges was not relevant at this stage. Additionally, he expressed surprise while pointing out that as many as 40 co-accused had turned approvers for the prosecution.

Background:

In September 2024, the court granted bail to Dheeraj Wadhawan, former promoter of Dewan Housing Finance Corporation Limited (DHFL), citing medical reasons. Justice Sudhir Kumar Jain observed that although Wadhawan did not require hospitalisation at that time, he needed consistent medical care and supervision from specialist doctors as an outpatient.

Earlier, in August 2023, the Bombay High Court had denied Dheeraj Wadhawan’s request for additional privileges. The court noted that he would receive appropriate medical treatment but declined to extend any special concessions.

Prior to that, in May 2023, the Delhi High Court had rejected the CBI’s application to cancel the bail granted to Kapil and Dheeraj Wadhawan. Justice Dinesh Kumar Sharma held that the Sessions Judge’s order did not suffer from any illegality or irregularity. He further noted that the CBI had filed an incomplete or piecemeal charge sheet in the case.

For Petitioner: Senior Advocates N. Hariharan and Arvind Nayar with Advocates Ashish Verma, Prakhar Parekh, Debopriyo Moulik, Vijay Kari Singh, Iti Agarwal, Punya Rekha, Vasundharan, Aman Akhtar, Sana Singh and Vinayak Gautam

For Respondent: Special Public Prosecutor Anupam S. Sharma with Additional Special Prosecutor Alok Kumar Singh

Case Title: Kapil Wadhwan v CBI (BAIL APPLN. 3640/2024)