Delhi HC grants bail to Yes Bank’s Rana Kapoor in money laundering case

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In 2020, Kapoor was arrested by the Law Enforcement Branch in connection with a money laundering case under the Prevention of Money Laundering Act.

The former banker is currently being held in Taloja Jail in Navi Mumbai.

The investigative agency had said that Kapoor, his family members and others obtained benefits worth hundreds of crores through companies controlled by his family as bribes for having sanctioned huge loans.

A Case Enforcement Information Report (ECIR) has been filed against Gautam Thapar, Avantha Realty Ltd, Oyster Buildwell Pvt. ltd. and others, alleging criminal breach of trust, cheating, criminal conspiracy and tampering for embezzlement and embezzlement of public funds during the period 2017 to 2019, thereby causing losses amounting to Rs. 466.51 crores to Yes Bank.

A panel of special magistrate judges had denied Kapoor’s bail request and ruled that the allegations against the banker were serious and serious in nature. The court, however, granted bail to 15 co-defendants.

In the trial court, the bail plea was opposed by the Enforcement Branch on the grounds that Kapoor was instrumental in generating the proceeds of crime.

The lawyer representing Kapoor, however, argued that the agency had not arrested him during the investigation and that, since the indictment had already been filed, there would be no point in sending him to jail.

While rejecting Kapoor’s bail plea, the special judge had observed that the 15 defendants were mere hands and, according to the allegations mentioned in the complaint, appeared to have committed certain acts or omissions, while apparently taking instructions from Gautam Thapar or Rana Kapoor. as their agents or employees.

Meanwhile, the Securities and Exchange Board of India in September imposed a fine of 2 crore regarding the mis-selling of additional Tier 1 bonds to investors.

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