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Rana Kapoor, a co-founder of Yes Bank, is granted bail in an ED case involving loan fraud

<p>Rana Kapoor, a co-founder of Yes Bank, was granted bail by a special court in this city on Thursday. The co-founder is accused of money laundering related to financial irregularities at the bank.</p>
<p><img decoding=”async” class=”alignnone wp-image-318512″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-rana-kapoor-a-co-founder-of-yes-bank-is-granted-bail-in-an-ed-case-involving-loan–750×422.jpg” alt=”theindiaprint.com rana kapoor a co founder of yes bank is granted bail in an ed case involving loan” width=”1200″ height=”675″ title=”Rana Kapoor, a co-founder of Yes Bank, is granted bail in an ED case involving loan fraud 9″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-rana-kapoor-a-co-founder-of-yes-bank-is-granted-bail-in-an-ed-case-involving-loan–750×422.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-rana-kapoor-a-co-founder-of-yes-bank-is-granted-bail-in-an-ed-case-involving-loan–1024×576.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-rana-kapoor-a-co-founder-of-yes-bank-is-granted-bail-in-an-ed-case-involving-loan–768×432.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-rana-kapoor-a-co-founder-of-yes-bank-is-granted-bail-in-an-ed-case-involving-loan–390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-rana-kapoor-a-co-founder-of-yes-bank-is-granted-bail-in-an-ed-case-involving-loan–150×84.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-rana-kapoor-a-co-founder-of-yes-bank-is-granted-bail-in-an-ed-case-involving-loan-.jpg 1280w” sizes=”(max-width: 1200px) 100vw, 1200px” /></p>
<p>But because he hasn’t been given bail in a connected case that the Central Bureau of Investigation has filed, he won’t be leaving prison just yet.</p>
<p>The Enforcement Directorate (ED) detained 65-year-old Kapoor, the former MD and CEO of the private bank, in March 2020 in accordance with the Prevention of Money Laundering Act (PMLA).</p>
<p>Kapoor was granted bail by the special judge of PMLA court M G Deshpande on Thursday.</p>
<p>Because the Supreme Court (in a previous case) set expectations and rules that the trial could not follow, the court ruled that the defendant was entitled to relief under section 436-A of the Code of Criminal Procedure and that he should be freed on bond.</p>
<p>An undertrial prisoner may request bail under section 436A after serving more than half of the maximum sentence allowed for the offense of which they are charged.</p>
<p>On his side, Kapoor never started a process to lengthen the trial or to limit the ED’s actions in front of this court.</p>
<p>The court said that the ED did not claim that Kapoor’s bail requests are delaying the inquiry.</p>
<p>In his bail request, which was submitted via attorneys Rahul Agarwal and Jasmine Purani, Kapoor claimed that he had been incarcerated for more than three and a half years—more than half the maximum punishment allowed under the PMLA for the offense.</p>
<p>He said that there was little chance the trial would start anytime soon given the state of the case.</p>
<p>On the other side, the ED said that Kapoor was one of the primary accused individuals who abused his position to engage in bribery, corruption, and money laundering in order to get undue financial advantages of Rs 5,050 crore for himself, his family, and friends.</p>
<p>The investigation agency has claimed that Kapoor earned many hundred crores of rupees in bribes for phony loans that Yes Bank gave to DHFL and its group firms, which are controlled by Dheeraj and Kapil Wadhawan, who are also co-accused in this case.</p>

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