Dewan Housing promoter duo held in YES Bank case

MUMBAI:Dewan Housing Finance Limited (DHFL) promoters Dheeraj and Kapil Wadhawan were arrested on Thursday in connection with a money laundering case linked to YES Bank, which is being probed by the Enforcement Directorate (ED). The duo was produced before a special court under the Prevention of Money Laundering Act (PMLA) which remanded them in ED custody till May 24.

A single-judge bench of justice Bharati Dangre of Bombay high court (HC) rejected their anticipatory bail plea and said the allegations of money laundering with a conspiracy involving Wadhawans and others, particularly YES Bank promoter Rana Kapoor, call for custodial interrogation. The judge said only the two accused can throw light on the nature of transactions.

ED had initiated proceedings against the Wadhawans based on a first information report (FIR) registered by the Central Bureau of Investigation (CBI) on March 7 against Kapoor for conspiracy, cheating under relevant provisions of the Prevention of Corruption Act.