Rana Kapoor, former managing director and chief executive officer of YES Bank, was granted a bail by Special PMLA Court in Mumbai in alleged fraud case worth Rs 300 crore on Wednesday. Gautam Thapar of Avantha Group, co-accused in the fraud case also got bail on Wednesday.
This case pertains to a loan taken by Oyster Buildwell Pvt Ltd, a holding company of Avantha Realty Limited from Yes Bank Ltd. Kapoor, then MD and CEO of YES Bank had allegedly extended a loan to the Avantha Realty and in return, obtained a prime location property in Delhi at almost half its market price for him and his family members, PTI said in a report.
The Enforcement Directorate has filed a case under the Prevention of Money Laundering Act on the basis of an FIR filed by the Central Bureau of Investigation (CBI) against Rana Kapoor and Gautam Thapar for an alleged fraud of Rs 466 crore on YES Bank. Bindu Kapoor, Rana Kapoor’s wife also named in this fraud case by the probing agency. The charge was “illegal gratification in lieu of favours extended in connection with official work”.
The final report, filed by ED’s Special Public Prosecutor N K Matta, alleged that the accused committed criminal breach of trust, cheating, criminal conspiracy and forgery for diversion and misappropriation of the public money from 2017 to 2019 and and caused loss to the tune of Rs 466.51 crore to YES Bank, according to PTI report.
The special court mentioned some standard conditions while granting bail to Rana Kapoor. He can not leave the country and the court directed the seizure of his passport. He also needs to attend the court on all dates when the matter is fixed. Kapoor has to submit a provisional surety of Rs 5 lakh.
Kapoor and Thapar, however, will not be released immediately as they are in judicial custody in connection with some other cases.
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