Rana Kapoor, founding father of the Yes Bank. File
| Photo Credit: AFP
A particular courtroom in Mumbai granted bail to Yes Bank co-founder Rana Kapoor on Friday. The Enforcement Directorate (ED), Mumbai, arrested Mr. Kapoor on March 7, 2020, for involvement in a ₹ 466.51 crore bank fraud. He was additionally charged with cash laundering and eight different circumstances associated to bank fraud. He secured bail in all of the circumstances filed in opposition to him by the ED. Mr. Kapoor walked out of Taloja Central Prison at 7p.m after greater than 4-years of incarceration.
Mr. Kapoor’s lawyer Rahul Agarwal stated, “The case in brief is that Yes Bank Ltd was accused of misappropriation of the impugned loan amount and through Bliss Abode Private Limited (BAPL) had the sole intention of taking over the prime property at Amrita Shergill Marg (ASM) in New Delhi. Rana Kapoor had filed a bail application on the ground that the allegations in the chargesheet do not prima facie reveal his role in the case and no offence is made out against him. In the present case, Mr. Kapoor was sent to police custody on August 14, 2021, and had been in judicial custody since 21, 2021 in the present case.”
Criminal conspiracy
The courtroom granted bail to Mr. Kapoor in the CBI’s case in opposition to him and Avantha Group promoter Gautam Thapar for alleged felony conspiracy, felony breach of belief, dishonest and forgery to divert ₹ 466.51 crore in public cash.
The different two accused in the case are already on bail and Gautam Thapar was launched on bail with out arrest. Rana Kapoor additionally acknowledged that he was by no means the only real/ultimate approving authority of the impugned mortgage transaction and your complete Management Credit Committee (MCC) involving different members had collectively accredited the Impugned mortgage unanimously. Each member had a proper to veto and nobody objected to the sanction of the load regardless of an elaborate credit score appraisal mechanism.
“Some of the members of the MCC were named as witnesses by the CBI but are named as ‘accused’ in the PMLA offence by the ED and their respective statements were recorded by the ED. CBI’s main allegation in the chargesheet is that the property at ASM was purchased at an undervalued consideration is baseless and reliance was placed on various valuation reports which were either pre-demonetisation era or the valuation itself was defective,” stated Mr. Agarwal.
‘False claim’ in chargsheet
Mr. Agarwal additionally claims that the ED chargesheet falsely and mischievously portrays that Rana Kapoor was by some means obligated to reveal his spouse’s curiosity in BAPL, and in the transaction with Avantha Reality Ltd (ARL), and that he failed to take action however Rana Kapoor duly disclosed to Yes Bank Ltd‘s Board of Directors that his spouse was a Director of BAPL which is borne out in the chargesheet.
“The chargesheet makes out a vague case that three loans were granted by Yes Bank Ltd to Avantha Group (AG) entities prior to and after the sale of the property to BAPL, that were not used for specified purposes. No connection was drawn by CBI between such loans and the sale transaction of the property, and none exists. Considering all this evidence, the court released him on bail,” Mr. Agarwal knowledgeable.
