CBI seeks Rana Kapoor’s custody in Avantha case

CBI has alleged that Kapoor and his wife bought a bungalow from Avantha Group promoter Gautam Thapar at a much lower price than its valuation

The Central Bureau of Investigation (CBI) on Friday sought a production warrant for Yes Bank founder Rana Kapoor in connection with the Avantha case. However, Kapoor has raised objections against CBI’s plea.

Rana Kapoor is currently in judicial custody after being arrested in March 2019 in connection with the Yes Bank fraud case. (HT PHOTO)

CBI has alleged that Kapoor and his wife bought a bungalow from Avantha Group promoter Gautam Thapar at a much lower price than its valuation. In the past, 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.

Kapoor is currently in judicial custody after being arrested in March 2019 in connection with the Yes Bank fraud case.

The CBI on Friday approached the special CBI court for a production warrant to interrogate Kapoor.

Kapoor’s lawyer Pranav Badheka, in response, moved a plea questioning the maintainability of CBI’s plea for production warrant. He pleaded with the court to hear the objections before passing any order.

Special judge SU Wadgaonkar, who is scheduled to hear the plea on Saturday, said that the prayers and the objection to maintainability on behalf of the accused also needs to be considered.

The special CBI court had in September last year rejected Kapoor’s plea for anticipatory bail in this case. Besides, Thapar has been recently arrested by Enforcement Directorate in Delhi in connection with money laundering.