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Delhi HC grants bail to Former Yes bank MD & CEO Rana Kapoor in money laundering case

New Delhi: On Friday, Former Managing Director and CEO of Yes Bank Rana Kapoor has got a big relief from the Delhi High Court. The High Court has granted bail to Rana Kapoor in the money laundering case. He was arrested by the ED in a money laundering case of Rs 466.51 crore.

By Priyanka Verma 
Updated Date

New Delhi: On Friday, Former Managing Director and CEO of Yes Bank Rana Kapoor has got a big relief from the Delhi High Court. The High Court has granted bail to Rana Kapoor in the money laundering case. He was arrested by the ED in a money laundering case of Rs 466.51 crore.

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The ED is probing the money laundering case involving Yes Bank. Former MD & CEO Rana Kapoor is accused of abusing his position and favoring his family. In this case, the CBI had registered a case of cheating and criminal conspiracy in March 2020. On this basis, ED has also registered a case of money laundering against him.

The CBI had in September filed a charge sheet against Kapoor and Avantha Group promoter Gautam Thapar in the cheating case. However, Kapoor was not named as a suspect in the FIR filed on June 2 last year. After this, his name cropped up in the investigation of the scam. Kapoor is alleged to have siphoned off kickbacks for sanctioning huge loans in companies controlled by his family.

It is alleged that Kapoor’s improper actions caused Yes Bank to suffer a loss of over Rs 466 crore. High Court Justice Sudhir Kumar Jain allowed the bail application filed by Rana Kapoor. Kapoor was denied bail by the trial court saying the charges against him were serious. However, the trial court granted bail to 15 other co-accused.

The trial court had in October last year taken cognizance of the Enforcement Directorate (ED) charge sheet against Gautam Thapar, promoter of Avantha Group involving Yes Bank’s Rana Kapoor and several employees, in a money laundering case. According to the ED, an ECIR was registered against Gautam Thapar, Avantha Realty Ltd, Oyster Buildwell Pvt Ltd. It alleged misappropriation of public money, criminal breach of trust, cheating, criminal conspiracy and forgery during the period from 2017 to 2019.

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