Yes Bank founder Rana Kapoor gets bail, walks out of jail after four years

April 19, 2024 23:04

es Bank founder Rana Kapoor (second from right)/PTI file image

Yes Bank founder Rana Kapoor was released from a prison here on Friday evening, hours after being granted bail by a court in an alleged loan fraud case.

Kapoor was first arrested in March 2020 in a money laundering case by the Enforcement Directorate.

The ED and Central Bureau of Investigation have registered a total of eight cases against him related to alleged frauds at Yes Bank.

He was lodged at the Taloja jail in neighboring Navi Mumbai while the trials in these cases are yet to start.

He had got bail in seven cases earlier.

MG Deshpande, special judge for CBI cases, granted Kapoor bail earlier in the day while noting that the trial in the present case was pending, and his incarnation was no longer required. The detailed order was not available yet.

The CBI had alleged that Kapoor, then managing director and chief executive officer of Yes Bank Limited, obtained "illegal gratification" (bribe) in the form of a property located at a prime location in Delhi at a price much less than its market value for sanctioning a loan.

The property belonging to Avantha Realty Ltd was already mortgaged for a loan taken by the company from Yes Bank.

It was purchased for Rs 378 crore -- against the market value of Rs 685 crore -- by Bliss Abode Private Limited, run by Rana Kapoor's wife Bindu Kapoor, in 2017. -- PTI

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