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Yes Bank founder Rana Kapoor gets bail in property case, but still remains in jail. Here's why
The bail is subject to conditions that Rana Kapoor can not leave India.
A special Prevention of Money Laundering Act (PMLA) court in Mumbai granted bail to Yes Bank founder and former managing director Rana Kapoor and eight others in a case pertaining to the sale of a property in Delhi on Wednesday. However, Kapoor and businessman Sanjay Thapar will not be allowed to walk out of jail as they are in judicial custody in connection with some other cases.
The bail is subject to conditions that Kapoor can not leave India. The court has also directed authorities to seize his passport. The court has also ordered Kapoor to attend the court on the required dates.
He will also need to submit a provisional surety of ₹5 lakh.
The present case in which the accused have received bail relates to the sale of a property situated on Amrita Shergill Marg in Delhi to a company owned by Rana Kapoor's wife Bindu. The case is being separately investigated by the Central Bureau of Investigation (CBI) in Mumbai.
Later, the Enforcement Directorate (ED) also launched an investigation against Kapoors, Thapar and others based on CBI's FIR.
The bail was sought after their advocates told the court that Kapoor was never arrested in the present case and has fully cooperated with the probe. The ED has examined him, recorded his statement and he is ready to abide by any condition imposed by the court, the lawyers said in a bail plea, according to news agency PTI.
According to the FIR, Rana Kapoor obtained illegal gratification in the form of a property belonging to Avantha Realty Ltd (ARL) in a prime location in Delhi at much less than the market rate after Thapar's firm was given a loan as well as concessions in existing credit facilities by the lender. The central probe agency in its charge-sheet has alleged that Rana Kapoor connived with ARL to wrongfully gain or allow transfer of a property situated at prime location in New Delhi to a firm named Bliss Abode, which is owned by his wife.
"Rana Kapoor allegedly created a monthly lease-rent agreement between the two group companies of Avantha and got a loan of ₹400 crore sanctioned from Yes bank by getting mortgaged the said property to the bank. The said property had been valued at ₹550 crore," ED said.
Thapar is currently in judicial custody in Delhi's Tihar jail after being arrested by the ED in August last year in a related case, while Rana Kapoor is lodged in Taloja jail in neighbouring Navi Mumbai after his arrest in Yes Bank scam in March 2020.
(With PTI inputs)
