Former chairman of DHFL gets bail

Mumbai, February 21

The Special Prevention of Money Laundering Act (PMLA) court today granted bail to Kapil Wadhwan, former chairman and managing director of the troubled Dewan Housing Finance Ltd (DHFL), who was arrested for his alleged links with Iqbal Memon, alias Iqbal Mirchi of the Dawood Ibrahim gang.

While granting bail to Wadhwan on a cash bond of Rs 5 lakh, the Special PMLA court asked him to appear before the Enforcement Directorate when summoned.

Wadhawan (46) was arrested on January 27 by the ED.

Arguing for bail, his lawyers denied that Wadhwan had any links with Mirchi. Subsequently, Wadhwan’s counsel stated that the main accused in the case, Dheeraj Wadhwan, and promoters of Sunblink Real Estate Pvt Ltd, had already been granted bail. — TNS