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Rana Kapoor, Yes Bank Founder, Gets Bail In Fraud Case of ₹300 Crore

In the suspected fraud case involving over 300 crores, Rana Kapoor is granted bail by a Special PMLA Court in Mumbai.

Within an alleged fraud case amounting to 466.51 crores, Rana Kapoor, the previous MD and CEO of YES Bank, is released on bail by a Special PMLA Court at Mumbai on Wednesday.

The Delhi High Court has asked the Enforcement Directorate to respond to Rana Kapoor’s bail application in the money laundering case.

Kapoor’s plea is notified by Justice Manoj Kumar Ohri, who set a date for the case’s next hearing on March 11th.

Last month, the trial judge dismissed Kapoor’s request for bail, stating that the charges against him were “very grave as well as serious.”

B Hariharan, Abishek S Pandey, Rajendra Kumar Mangal, Pawan Kumar Agarwal, Raghubir Kumar Sharma, Anil Bhargava, Amit Kumar, Surendra Kumar Khandelwal, Tapsi Mahajan, Harsh Gupta, Ramesh Sharma, Sonu Chadha, Amit Mamtani, Ashish Agarwal, and Vinod Bahety are among the 15 other accused in the case who have been granted bail.

After being summoned by the judgment, taking cognizance of a charge sheet submitted by the Enforcement Directorate, Kapoor submitted a bail application in the trial court (ED).

The ED objected to the application, claiming that Kapoor was involved in generating “proceeds of crime”.

The judge stated that the 15 defendants were “only hands to say and as per the averments mentioned in the complaint appeared to have been doing certain acts/omissions, while seemingly taking instructions from either accused Gautam Thapar or accused Rana Kapoor, as their agents/ employees”.

The court has taken cognizance of the complaint on ED’s prosecution, which is similar to a charge sheet, against people accused of crimes in the case in October of the previous year, stating there were adequate grounds to continue against them.

As per the FIR, Rana Kapoor, the then-MD and CEO of Yes Bank Limited, received illegal satisfaction in the pattern of a property owned by Avantha Realty Ltd (ARL) within a prime spot in Delhi at a much lower price than the market price post-Thapar’s company offered a loan and concessions in established credit amenities by the lender.

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