Supreme Court Refuses Bail To Sanjay Chhabria in Yes Bank Money-Laundering Case

The Supreme Court on Thursday refused default bail to Sanjay Chhabria in the Yes Bank Money-Laundering Case.

Chhabria had filed a special leave petition against the Bombay High Court order that denied default bail to the realtor.

Source : PTI

The Supreme Court on Thursday refused default bail to Sanjay Chhabria in the Yes Bank Money-Laundering Case.

A bench of Justice Bela M Trivedi and Justice Pankaj Mithal heard the petition and remarked that the offence is serious in nature and the Bombay High court was correct in denying him default bail.

Chhabria had filed a special leave petition in the top court against the Bombay High Court order that denied default bail to the realtor. 

In October 2023, the Bombay High Court dismissed Chhabria's petition for default bail in the Yes Bank money laundering case. 

The realtor in his petition had said that the chargesheet was incomplete and made with the intention of defeating his statutory right to seek default bail. However, the high court denied his petition saying that money laundering investigations are complex and require extensive investigation time.

In June 2022, the Enforcement Directorate arrested Chhabria in the famous Yes Bank-DHFL money laundering case. 

Chhabria has been accused of playing a key role in diverting illegally-obtained funds from Yes Bank’s founder Rana Kapoor and former Dewan Housing Finance Limited (DHFL) chaiman and prometer Kapil Wadhwan.

On Wednesday, the top court had canceled statutory bail granted by High Court to Kapil Wadhawan and his brother Dheeraj in connection with a multi-crore rupees bank loan scam case. Read more

The court ruled that the high court and lower court greatly erred in granting bail. However, it allowed the trial court to hear regular bail plea by Wadhwan.

Wadhawan is accused in a Rs 34,615-crore bank fraud case for cheating a Union Bank of India (UBI) led consortium of banks. 

The former DHFL Chairman Kapil Wadhawan along with his associates got the consortium banks to sanction loans worth Rs 42,871.42 crore. They have been accused for dishonestly defaulting on repayment of the dues of the said consortium banks, and thus causing a loss of Rs 34,615 crore to the lenders.