PMLA court grants bail to Rana Kapoor, Gautam Thapar

Special PMLA judge MG Deshpande granted bail to both of them on a personal bond of ₹5 lakh each with one or two sureties in the same amount.

A special Prevention of Money Laundering Act (PMLA) court on Wednesday granted bail to Avanta Group Promoter, industrialist Gautam Thapar, and Yes Bank founder Rana Kapoor in a money laundering case registered against them by the Enforcement Directorate (ED).

Yes Bank founder Rana Kapoor, however, will not get out of the jail, as he is under arrest in some other cases as well. (Representational image)

Special PMLA judge MG Deshpande granted bail to both of them on a personal bond of ₹5 lakh each with one or two sureties in the same amount. Kapoor, however, will not get out of the jail, as he is under arrest in some other cases as well. Advocate Vijay Aggarwal and Rahul Agarwal argued Kapoor’s bail application, whereas senior advocate Mahesh Jethmalani had argued for Thapar.

The CBI and the ED had alleged that Rana Kapoor while working as MD and CEO of Yes Bank had connived with Gautam Thapar with an intention to extend undue financial benefits to Avantha Reality Ltd, one of Avantha Group companies, by Yes Bank Ltd and to illegally obtained in return from Avantha Reality Ltd. its posh property in Delhi at almost half the market price, for himself and his family members through the company beneficially owned by his wife Bindu Kapoor.