Yes Bank founder Rana Kapoor gets bail from Mumbai's Special PMLA Court - Moneycontrol

Rana Kapoor.

A special PMLA Court in Mumbai on February 16 granted bail to Yes Bank founder Rana Kapoor in the alleged fraud case of over Rs 300 crore, reported News Agency ANI.

Earlier in the day, the Delhi High Court sought response from the Enforcement Directorate on the bail plea of Kapoor, a former MD and CEO of YES Bank, in a money laundering case related to the wrongful loss of Rs 466.51 crore to the bank.

Justice Manoj Kumar Ohri had also issued notice on Kapoor’s plea and listed the case for further hearing on March 11.

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The former Yes Bank MD was denied bail in January, as court noted that the allegations against him were grave and serious in nature. However, the court granted bail to 15 other accused – B Hariharan, Abishek S Pandey, Rajendra Kumar Mangal, Raghubir Kumar Sharma, Anil Bhargava, Tapsi Mahajan, Surendra Kumar Khandelwal, Sonu Chadha, Harsh Gupta, Ramesh Sharma, Pawan Kumar Agarwal, Amit Mamtani, Ashish Agarwal, Amit Kumar, and Vinod Bahety – in the case.

In October 2021, the court had taken cognizance of the ED’s prosecution complaint, an equivalent of a charge sheet, against the accused persons in the case, saying there were sufficient grounds to proceed against Kapoor and others.

The ED registered the case against Gautam Thapar, Avantha Realty Ltd (ARL), Oyster Buildwell Pvt Ltd (OBPL), and others alleging criminal breach of trust, cheating, criminal conspiracy, and forgery for diversion or misappropriation of public money during the period 2017 to 2019.

The central probing agency also had told the Delhi Court that the investigation revealed that approximately Rs 500 crore proceeds of crime, were laundered through OBPL, Jhabua Power Limited (JPL), Jhabua Power Investment Ltd. (JPIL), Avantha Power and Infrastructure Ltd (APIL), ARL, etc. which were being controlled and beneficially owned directly or indirectly by Thapar.

With agency inputs.

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Yes Bank founder Rana Kapoor gets bail from Mumbai's Special PMLA Court - Moneycontrol
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