The Court, in its ruling, stated that Nawandar had made a strong case for bail. Earlier, the businessman had been allowed to remain in a private hospital for medical treatment. His initial bail plea was rejected by both the trial court and the Delhi High Court, with concerns that he might influence witnesses due to his influential status, especially in Maharashtra.
The case also implicates Kapil and Dheeraj Wadhawan, former promoters of DHFL, who are accused of being the masterminds behind the scam and are currently in jail.
Nawandar’s arrest followed the recovery of jewellery and paintings worth crores, which were alleged to have been bought using misappropriated funds. It was claimed that these assets were hidden to evade detection during raids.
Nawandar’s defence was led by Senior Advocates Kapil Sibal and Devadatt Kamat, while the CBI, which led the investigation, was represented by Additional Solicitor General KM Nataraj.
The DHFL scam, one of India’s largest banking frauds, continues to unravel, with the Wadhawan brothers’ earlier default bail cancelled by the top court in January this year.
