In a big relief for Yes Bank Co-founder Rana Kapoor, the Delhi High Court today granted him bail in a Rs 466.51-crore money laundering case registered by the Enforcement Directorate (ED). Kapoor is currently lodged in Taloja jail in Navi Mumbai.
In 2020, he had sought interim bail claiming that his prevailing medical condition puts him at the risk of contracting coronavirus infection in jail. In the plea filed through his lawyer Subhash Jadhav, he claimed that he was suffering from chronic immunodeficiency syndrome, which causes recurrent lung, sinus and skin infections. His interim bail plea was however rejected back then.
Kapoor was arrested by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA) in 2020. The ED has accused that Kapoor, his family members and others got benefits worth Rs 4,300 crore through companies controlled by his family as kickbacks for sanctioning huge loans.
According to the ED, loans of Rs 30,000 crore were given by Yes Bank when Kapoor was at its helm, and of these, advances of Rs 20,000 crore turned into bad loans.
Rana Kapoor is also accused of receiving bribes for going easy on loans given to a few big corporate groups that had turned into non-performing assets (NPAs).
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