Yes Bank case: Rana Kapoor’s daughter gets interim bail
Roshini is one of the eight accused, who have been charged by the CBI for cheating and corruptionUpdated: Oct 21, 2020, 12:57 IST
A magistrate court in Mumbai on Wednesday granted interim bail to Yes Bank co-founder Rana Kapoor’s daughter Roshini in a Yes Bank fraud case linked to Dewan Housing Finance Corporation Ltd (DHFL).
Roshini is one of the eight accused, who have been charged by the Central Bureau of Investigation (CBI) for cheating and corruption.
The charges of corruption were dropped by the sessions court for want of sanction of prosecution, but the case for the charges of cheating and conspiracy hold good.
Later, the case was shifted to a magistrate court for trial.
The magistrate court had accepted the charge sheet filed by the CBI in September and issued summons to all the accused, who are not arrested in the case, including Roshini, and those related to four other companies such as DHFL, Belief realtors Pvt Ltd, RKW Project Pvt Ltd, DOIT Urban Ventures (India) Pvt Ltd.
Roshini appeared before the magistrate court on Wednesday in response to the summons.
“We appeared before the court on Wednesday and moved for an interim bail. The court has granted us interim bail until further hearing,” said Subhash Jadhav, the lawyer for the Kapoors.
The court is scheduled to hear her bail plea in November.
CBI has filed a case that alleged that Yes Bank had invested Rs 3,700 crore in short-term debentures of Dewan Housing Finance Corporation Ltd (DHFL) between April and June 2018, in lieu of which Kapoor was allegedly paid kickbacks amounting to Rs 600 crore by DHFL promoter Kapil Wadhawan in the form of loan to DoIT Urban Ventures (India) Pvt Ltd.
DHFL sanctioned a loan to DoIT Urban Ventures (India) Pvt Ltd, a wholly-owned subsidiary of RAB Enterprises, where Kapoor’s family members, including Roshini, have a stake, the CBI has alleged. The loan was sanctioned on the basis of mortgage of sub-standard property that allegedly has a meagre value.
The Central agency claimed that Yes bank also sanctioned a loan Rs 750 crore to RKW Developers, which is DHFL group of company.
The loan was sanctioned for the purpose of a Bandra Reclamation project. The entire amount of Rs 750 crore was allegedly siphoned off by Wadhawan after the sum was transferred by RKW Developers to DHFL without making any investments in the Bandra project.