Delhi HC Grants Bail To Former YES Bank CEO Rana Kapoor In Money Laundering Case

The ED has accused Kapoor, his family members, and others got benefits worth hundreds of crores through companies controlled by his family as kickbacks for sanctioning huge loans

Rana Kapoor was arrested by the ED under the Prevention of Money Laundering Act (PMLA) in 2020.

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The Delhi High Court on Friday granted bail to YES Bank c0-founder Rana Kapoor in a Rs 466.51-crore money laundering case registered by the Enforcement Directorate (ED).

The banker was arrested by the federal investigating agency under the Prevention of Money Laundering Act (PMLA) in 2020.

News agency ANI has shared a tweet saying the high court granted bail to Kapoor.

Delhi High Court grants bail to Former Managing Director and CEO of YES Bank Rana Kapoor in Rs 466.51-crore money laundering case being probed by Enforcement Directorate.

— ANI (@ANI) November 25, 2022

The ED has accused Kapoor, his family members, and others got benefits worth hundreds of crores through companies controlled by his family as kickbacks for sanctioning huge loans.

He is currently lodged in Taloja jail in Navi Mumbai.

In September this year, the Central Bureau of Investigation (CBI) filed a charge sheet against former Kapoor as well as Avantha Group promoter Gautam Thapar in the Rs 466.51 crore alleged fraud in the bank.

Kapoor was not named a suspect in the FIR enlisted on June 2 last year in the case. His role, notwithstanding, surfaced during the examination, they said.

In its charge sheet documented under the special CBI court in Mumbai, the probe agency has additionally named Thapar in the scam.

In the charge sheet, the CBI has alleged that the accused had misappropriated public money during the period 2017-2019 by committing a criminal conspiracy with the intention of criminal breach of trust and fraud.

"It was alleged that the accused had committed criminal breach of trust, cheating, criminal conspiracy and forgery for diversion/misappropriation of public money, during the period 2017-2019," said officials as quoted by ANI.

The FIR was filed against Thapar, directors of Oyster Buildwell Pvt Ltd (OBPL) – Raghubir Kumar Sharma, Rajendra Kumar Mangal and Tapsi Mahajan – unidentified executives of Avantha Realty Pvt Ltd, and Jhabua Power Ltd, on a complaint from Yes Bank CVO Ashish Vinod Joshi.