Yes Bank Founder Rana Kapoor Granted Bail In Fraud Case

Yes Bank founder Rana Kapoor was granted bail by a special court in Mumbai in an alleged fraud case of Rs 300 crore.

The Prevention of Money Laundering Act or PMLA court granted bail to Kapoor in the case pertaining to a loan sanctioned to Avantha Group and misappropriation of funds, reported ANI.

The Central Bureau of Investigation had booked Kapoor and his wife for allegedly receiving a residential property worth Rs 378 crore, owned by Avantha Group’s Gautam Thapar, against an amount of Rs 400 crore that Thapar borrowed from Yes Bank Ltd.

The loans were sanctioned without any reasonable basis, according to the FIR filed by the CBI on March 12, 2020. The ownership of the property, on Delhi’s posh Amrita Shergill Marg, was transferred to Bliss Abode Pvt., which is owned by Kapoor’s wife.

The CBI alleged that the agreement was a “sham” entered with the intention to “defraud and cheat Yes Bank”.

The former managing director and chief executive of Yes Bank is lodged in jail over multiple cases of fraud and money laundering.

Three other cases have been filed by the Enforcement Directorate and CBI, including the DHFL case where Kapoor allegedly received kickbacks for lending to the company and its related entities.

Kapoor is also accused of approving a Rs 3,642-crore loan to Cox & Kings without conducting due diligence, after he held private meetings with the company’s CEO Ajay Ajit Peter and other officials.

In another case, the central probing agency alleged that Kapoor had colluded with Housing Development and Infrastructure Ltd. promoters Rakesh and Sarang Wadhawan to extend loans to Mack Star Marketing — money which was then siphoned off.

Kapoor will continue to be lodged in jail in the above mentioned cases.