The Supreme Court has directed the CBI to respond to Ajay Ramesh Nawandar’s bail plea related to the massive Rs 34,615-crore DHFL fraud case. Nawandar is accused of aiding the Wadhawan brothers, the main conspirators. His bail has been denied due to concerns over influence and witness tampering.
New Delhi: In a major development surrounding the massive Rs 34,615-crore Dewan Housing Finance Limited (DHFL) bank fraud case, the Supreme Court has directed the Central Bureau of Investigation (CBI) to file its response on the bail plea of businessman Ajay Ramesh Nawandar. The bench, comprising Justices Vikram Nath and Prasanna B Varale, has also extended the interim medical protection granted to Nawandar, allowing him to remain in hospital until October 14.
The case has drawn significant attention due to the scale of the financial fraud, which involves key figures from the DHFL scandal, including the Wadhawan brothers. Ajay Nawandar is accused of playing a pivotal role in aiding and abetting the main conspirators in concealing the proceeds of the crime, and his bail plea has been under intense scrutiny.
Medical Grounds and Interim Relief
As part of its ruling, the Supreme Court ordered that Nawandar’s eyes be examined by a senior consultant at the Dr. Rajendra Prasad Centre for Ophthalmic Sciences, AIIMS, New Delhi. The court has asked for a medical report to be submitted on October 14, along with the CBI’s counter-affidavit regarding Nawandar’s bail plea.
Nawandar had approached the Supreme Court after his bail petition was rejected by the Delhi High Court on May 31, 2023. The High Court had cited Nawandar’s influence and potential to manipulate witnesses as a key reason for denying bail. It also highlighted concerns over his alleged misuse of interim medical bail, accusing him of exaggerating his medical ailments in collaboration with private hospitals to prolong his release.
The High Court’s Stance: Influence and Manipulation
The Delhi High Court noted the CBI’s consistent stand that Nawandar is a person of significant influence, particularly in Mumbai and parts of Maharashtra. Given the seriousness of the allegations and Nawandar’s purported capacity to influence witnesses, the court raised concerns about the risk of tampering with the ongoing investigation.
The High Court further observed that Nawandar’s conduct while on interim bail indicated a tendency to misuse the leniency granted by the courts. It also accused him of manipulating medical records to extend his bail on health grounds. The trial court echoed these concerns, emphasizing that Nawandar had been repeatedly seeking extensions for medical bail by exaggerating his ailments.
Nawandar’s Alleged Role in the DHFL Scam
Ajay Ramesh Nawandar is accused of conspiring with the Wadhawan brothers—Kapil and Dheeraj Wadhawan—who are the main accused in the DHFL fraud case. According to the CBI, Nawandar played a key role in helping the Wadhawans hide assets acquired through embezzled funds.
During its investigation, the CBI conducted searches at Nawandar’s premises, recovering an impressive collection of luxury watches, including brands like Rolex, Cartier, Omega, and Hublot, worth crores of rupees. Two paintings worth Rs 33 crore were also seized. The CBI claims these items belonged to the Wadhawans and were being stored at Nawandar’s residence to avoid seizure by enforcement agencies.
The DHFL Bank Fraud Case: A Financial Scandal of Unprecedented Scale
The DHFL fraud is one of the largest bank fraud cases ever probed by the CBI, with an estimated Rs 34,615 crore in public funds involved. The scam, which took place between 2010 and 2018, allegedly saw the Wadhawan brothers misrepresent facts, fabricate accounts, and divert funds to create personal assets. The Union Bank of India, the leader of a 17-bank consortium that extended loans to DHFL, has accused the Wadhawans of defaulting on repayments from May 2019 onwards.
Conclusion: Awaiting the Next Steps
As the Supreme Court awaits the CBI’s counter-affidavit, the focus remains on whether Ajay Ramesh Nawandar will be granted bail or continue to face charges without release. With the DHFL fraud case continuing to unravel, this legal battle underscores the gravity of financial crimes in India and the legal system’s response to handling high-profile defendants with alleged ties to vast networks of influence.
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