Bank Fraud: Yes Bank co-founder Rana Kapoor gets bail in money laundering case of Rs 466.51 crore [Read Order]

Rana Kapoor, the founder of Yes Bank, was granted relief by the Delhi High Court on Friday in a case involving the money laundering of Rs 466.51 crore.

Rana Kapoor, who is currently in jail, requested a temporary release on bail and claimed that because of his medical conditions, he is at risk of catching the Covid virus. But his bail request was denied.

According to the investigation agency, the proprietors of Dewan Housing Finance Limited (DHFL), Kapil and Dheeraj Wadhawan, and co-founder of Yes Bank Rana Kapoor stole Rs 5,050 crore through dubious transactions. Kapoor was detained by the Enforcement Directorate (ED) in 2020 in accordance with the Prevention of Money Laundering Act (PMLA).

Rana Kapoor abused his position of authority to obtain unauthorized financial benefits for himself and his family, according to the charge sheet submitted by the ED.

The chargesheet against Avantha group promoter Gautam Thapar was then presented to a trial court for consideration along with the names of numerous other Yes Bank workers, among them Rana Kapoor. A chargesheet filed by the CBI in September listed Kapoor and Avantha Group promoter Gautam Thapar as parties in the case.

Kapoor is also suspected of receiving bribes in exchange for lending money to a few significant international companies that later turned out to be non-performing assets (NPAs).

The ECIR was recorded on March 3, 2020, and the ED began its investigation shortly after. Rana Kapoor allegedly made aggressive attempts to sell his properties abroad in order to prevent the ED from seizing them in accordance with the PMLA, according to the charge sheet. There is a POC of Rs 5,050 crore in this case.

Despite the fact that Rana Kapoor started the aforementioned company DUVPL, his three daughters own 100% of the company.

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