Money laundering case: Delhi HC issues notice to ED on Yes Bank founder’s bail plea
The central agency has alleged that Rana Kapoor and other accused persons had misappropriated public money and caused losses of Rs 466.51 crores to the bank.
The Delhi High Court on Wednesday issued a notice to the Enforcement Directorate on a bail plea filed by Yes Bank founder Rana Kapoor in a money laundering case, reported Live Law.
Justice Manoj Kumar Ohri has posted the matter for hearing on March 11.
Kapoor was arrested on March 8 last year and has been in judicial custody since then. In May 2021, the Enforcement Directorate had filed a chargesheet against Kapoor, his wife Bindi Kapoor and daughters Radha Kapoor and Roshni Kapoor.
The case was registered against Rana Kapoor, promoter of real estate firm Avantha Realty Limited, Gautam Thapar, and several others. The Enforcement Directorate had accused them of criminal conspiracy, criminal breach of trust, cheating and forgery.
The central agency alleged that public money was misappropriated by the accused persons between 2017 and 2019 that caused losses of Rs 466.51 crores to Yes Bank.
According to a first information report filed in the case by the Central Bureau of Investigation , Yes Bank had invested around Rs 3,700 crore in Dewan Housing Finance Corporation around the same time it granted a Rs 600-crore loan to a company named DoIT Urban Ventures Private Limited.
The company is owned by three daughters of Rana Kapoor. The CBI had alleged criminal conspiracy saying that Rana Kapoor and other accused persons had invested in Dewan Housing Finance Corporation through Yes Bank to gain undue benefits for himself and his family.
Rana Kapoor’s wife and the two daughters were granted bail by the Supreme Court in October.
However, Kapoor was denied bail in January by a trial court. The judge had observed that the allegations against Kapoor were grave and serious in nature. It had, however, granted bail to 15 other accused persons.