SC awards Rakesh Wadhawan, the promoter of HDIL, a three-month interim bail

 SC awards Rakesh Wadhawan, the promoter of HDIL, a three-month interim bail

Wadhawan was granted bail by a panel of justices Aniruddha Bose and Bela M Trivedi, who noted his medical condition.

Rakesh Wadhawan, the founder of Housing Development Infrastructure Ltd. (HDIL), who is involved in a case involving the Punjab and Maharashtra Cooperative (PMC) Bank scandal of Rs. 4,300 crore, was granted interim bail by the Supreme Court on Thursday for a period of three months due to medical reasons.

Wadhawan was granted bail by a panel of justices Aniruddha Bose and Bela M Trivedi, who noted his medical condition.

"After reviewing the medical records and taking into account his overall health, we believe that the petitioner might be granted medical leave of absence and be released on bond. He will be allowed to stay at his home while being held by the police, but he will be responsible for all expenses. The state government will determine how many police officers are needed to protect him, and the state will present a bill to that effect every week, the bench said.

In addition, the supreme court ordered Wadhawan to be transported to JJ Hospital in Mumbai if necessary for medical care.

The highest court said that he may be sent to a private hospital if the necessary therapy is not offered there. Wadhawan has petitioned the supreme court to overturn the Bombay High Court's ruling from October 26 that denied him bail due to health concerns.

The decision was made when senior attorney Mukul Rohatgi, representing 71-year-old Wadhawan, said that his client had been incarcerated for four years and was ill. He recorded Wadhawan's medical report, mentioning his state of health.

In October 2020, the Central Bureau of Investigation (CBI) detained Rakesh and Sarang Wadhawan in relation to a purported loan scam of Rs 200 crore from Yes Bank. Since then, other authorities have been looking into their case. In connection with a different Prevention of Money Laundering Act case involving an alleged loan scam at the PMC Bank involving a sum over Rs 4,300 crore, they are also being investigated by the Enforcement Directorate (ED).

According to the authorities, the company had signed a Rs 3,167-crore development agreement with the Maharashtra Housing and Area Development Authority (MHADA) to develop 40 acres of property in Goregaon (West) in Mumbai over the course of five stages.