Bail for Rana Kapoor: Keeping him in jail any further would be ‘pre-trial conviction’, says court
A special CBI court in Mumbai has granted bail to Yes Bank founder Rana Kapoor, in a fraud case. Expressing concern, the court said that keeping him in custody without trial would be like a “pre-trial conviction” of Rana.
The court’s order said that there was no valid reason to continue detaining the applicant who has already spent 4 years in custody for multiple other cases.
“It is significant to note the applicant (Kapoor) has deep roots in society and Mumbai. He has a family comprising an unmarried daughter and a wife who are dependent on him. He is no longer associated with Yes Bank and has no access to its records for any apprehension of tampering with it,” The court stated.
The court further stated, “He (the special public prosecutor) cannot justify why the 66-year-old applicant, who suffers from multiple health issues as outlined in the bail application, should remain incarcerated indefinitely.”
Kapoor was granted bail on Friday evening from the special CBI Judge, M G Deshpande. He walked out of the jail after over 4 years at Taloja Central Prison. This was the last pending case against him which involved the Avantha Group.
Kapoor was arrested by the Enforcement Directorate (ED) in a money laundering case in March 2020. He had to face charges in eight cases filed by both the ED and the Central Bureau of Investigation (CBI) which was related to fraud at the Yes Bank.
CBI filed a case against Rana Kapoor, his wife Bindu, industrialist Gautam Thapar of the Avantha Group, Bliss Abode Pvt Ltd, and others.
Bliss Abode Private Limited which was led by Rana Kapoor’s wife Bindu Kapoor purchased the property for Rs.378 crore even though the market value of the property was 685 crores. The agency claimed that Yes Bank extended credit facilities of Rs.2500 crore to various Avantha Group Companies and granted an additional loan of 400 crore to Avantha Realty Ltd (ARL) as part of a quid pro quo deal, according to CBI.
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