A special court in Mumbai granted bail to Yes Bank co-founder Rana Kapoor on Friday. The Enforcement Directorate (ED), Mumbai, arrested Mr. Kapoor on March 7, 2020, for involvement in a ₹ 466.51 crore bank fraud. He was also charged with money laundering and eight other cases related to bank fraud. He secured bail in all the cases filed against him by the ED. Mr. Kapoor walked out of Taloja Central Prison at 7p.m after more than 4-years of incarceration.
Mr. Kapoor’s lawyer Rahul Agarwal said, “The case in brief is that Yes Bank Ltd was accused of misappropriation of the impugned loan amount and through Bliss Abode Private Limited (BAPL) had the sole intention of taking over the prime property at Amrita Shergill Marg (ASM) in New Delhi. Rana Kapoor had filed a bail application on the ground that the allegations in the chargesheet do not prima facie reveal his role in the case and no offence is made out against him. In the present case, Mr. Kapoor was sent to police custody on August 14, 2021, and had been in judicial custody since 21, 2021 in the present case.”
