Yes Bank Fraud Case: Blow To CBI As Court Dismisses Chargesheet To Prosecute Rana Kapoor In Absence Of Sanction

The Central Bureau of Investigation said the probe against the accused is on and it required some time to deal with the issue of sanction.

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Mumbai: In a twist in the Yes Bank fraud scam, the special CBI court on Friday sent the Yes Bank fraud case to a Metropolitan Magistrate in the absence of sanction obtained to prosecute the main accused Rana Kapoor under the Prevention of Corruption (PC) Act. In June, the Central Bureau of Investigation had filed a charge sheet against Yes Bank's co-founder Kapoor under the Prevention of Corruption Act and Indian Penal Code. ALSO READ|SBI Card CEO Hardayal Prasad Resigns, Ashwini Kumar Tewari To Take Over From August As per the report in the Economic Times, the agency has failed to initiate a move to obtain the sanction needed to prosecute under the PC Act. In response to the judge's query, the CBI said the probe against the accused is on and it required some time to deal with the issue of sanction. The agency also stated there was no need for sanction for prosecution under IPC sections 420 (cheating), 409 (criminal breach of trust by public person). The PC Act was invoked after considering Kapoor as a `public servant' as he was then CMD of Yes Bank. In March, the banker was held under the provision of the Prevention of Money Laundering Act (PMLA) as he was allegedly not cooperating in the probe. Kapoor was arrested in March at the ED office in Ballard Estate which followed over 30 hours of questioning by the central agency after it raided his residence. ALSO READ: Jio 5G, JioTV Plus, '2G Mukt' India: Major Announcements By Mukesh Ambani At Reliance AGM 2020 | 5 Points The agency had conducted raids at Kapoor's residence located at 'Samudra Mahal' residential tower and registered a case under the PMLA against him. The Reserve Bank of India (RBI) had said a moratorium has been imposed on Yes Bank, stressing that the bank's financial capability has undergone a steady decline largely due to the inability of the bank to raise capital.