Yes Bank cases: Rana Kapoor gets pre-arrest bail until July 11
MUMBAI: Rana Kapoor, Yes Bank’s co-founder, former managing director and CEO, was on Thursday granted protection from arrest till July 11 in two cases registered against him by the Central Bureau of Investigation (CBI)
In March, CBI had registered two first information reports (FIR) against Kapoor. The first FIR had alleged that Yes Bank had invested ₹3,700 crore in short-term debentures of Dewan Housing Finance Corporation Ltd (DHFL) in 2018, in return for which Kapoor was allegedly paid ‘kickbacks’ of ₹600 crore by DHFL promoter Kapil Wadhawan.
DHFL sanctioned a loan to DOIT Urban Ventures (India) Pvt Ltd, a wholly-owned subsidiary of RAB Enterprises in which Kapoor’s wife Bindu is a director and 100% shareholder, alleged CBI.
Kapoor’s daughters, Rakhee Kapoor Tandon, Roshni Kapoor, and Radha Kapoor, are also 100% shareholders in DOIT Urban Ventures. Based on CBI’S case, the Enforcement Directorate (ED) began a probe into allegations.
In the second case, CBI alleged that Kapoor and his wife bought a bungalow from Avantha Group promoter Gautam Thapar at a much lower price than its valuation.
Thapar had mortgaged the bungalow for a corporate loan of ₹600 crore, but he sold it for ₹380 crore to Bliss Abode Pvt Ltd, in which Kapoor’s wife was a director at the time.
The investigative agency had on March 20 obtained a production warrant to arrest Kapoor after he was remanded in judicial custody by the Prevention of Money Laundering Act (PMLA) court.
The agency failed to execute the warrant. Kapoor approached a special CBI court for pre-arrest bail last month, following which the court directed the agency to file a reply. CBI failed to submit its reply.