A Mumbai sessions court on Wednesday granted bail to former MD and CEO of Yes Bank Rana Kapoor in a money laundering case related to the wrongful loss of Rs 466.51 crore to Yes Bank.
A special PMLA court granted bail to Kapoor on certain standard conditions. He cannot go out of the country and the court ordered the seizure of his passport. He is also required to attend the court on all dates when the matter is fixed and submit a provisional surety of Rs 5 lakh, reported PTI.
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However, Kapoor will remain in judicial custody in other cases registered against him by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED). He is now in Taloja Jail, Mumbai, after being arrested by the CBI in March 2020. Businessman Gautam Thapar and several others were also granted bail in the case of the sale of a property at a prime location in Delhi.
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Thapar’s advocate Vijay Aggarwal argued before the court that his client has not been arrested by the ED during the investigation in the present matter and as the investigation agency has filed the prosecution complaint with the arrest of Rana Kapoor, therefore, in terms of settled law by the Supreme Court of India, he is entitled to be released on bail, as per the PTI report.
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He further said that opposing bail by the ED without arresting the accused is tantamount to firing from the shoulder of the judge.
Earlier in the day, the Delhi High Court sought a response from the ED on the bail plea of Kapoor. According to the ED, the case was registered against Thapar, Avantha Realty Ltd (ARL), Oyster Buildwell Pvt Ltd (OBPL) and others, alleging criminal breach of trust, cheating, criminal conspiracy and forgery for diversion or misappropriation of public money during the period 2017 to 2019.
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The court had taken cognizance of the ED’s prosecution complaint in October 2021, an equivalent of a charge sheet, against the accused persons in the case, saying there were sufficient grounds to proceed against Kapoor and others.
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The central investigation agency also told the Delhi High Court that the investigation revealed that around Rs 500 crore proceeds of crime were laundered through OBPL, Jhabua Power Ltd (JPL), Jhabua Power Investment Ltd. (JPIL), Avantha Power and Infrastructure Ltd (APIL), ARL, etc., which were being controlled and beneficially owned directly or indirectly by Thapar.
Last month, the trial court had denied bail to Kapoor citing the allegations against him were grave.
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However, bail was granted to 15 other accused – B Hariharan, Abhishek S Pandey, Rajendra Kumar Mangal, Raghubir Kumar Sharma, Anil Bhargava, Tapsi Mahajan, Surendra Kumar Khandelwal, Sonu Chadha, Harsh Gupta, Ramesh Sharma, Pawan Kumar Agarwal, Amit Mamtani, Ashish Agarwal, Amit Kumar and Vinod Bahety.