Kapoor was released from Taloja prison today after a special CBI court granted him bail in the bank fraud case related to Avantha Realty being investigated by CBI.
Rana Kapoor Bail: Rana Kapoor was arrested by the Enforcement Directorate (ED) four years ago in March 2020. Investigations by the ED and the CBI are ongoing against Kapoor in several cases.
The former CEO of Yes Bank, Rana Kapoor, has been granted bail. After getting bail, Rana Kapoor was released from jail on Friday evening. He has the opportunity to breathe freely after spending four years behind bars.
Reason for Arrest: The ED arrested Rana Kapoor four years ago on charges related to irregularities in loans. The case in which Kapoor was arrested by the ED in March 2020 is related to loans given by Yes Bank to Dewan Housing Finance Corporation Limited (DHFL). Allegations suggest that irregularities were made by Kapoor in granting loans to DHFL. The loan case is from the time when Rana Kapoor was the CEO of Yes Bank.
CBI Case and Bail: Apart from the ED, the CBI is also investigating the loan fraud case related to DHFL. In this context, seven primary charges, including money laundering and various allegations, have been filed. Rana Kapoor has been granted bail in a case related to obtaining a luxurious bungalow at a cheap price in exchange for loan fraud. It is alleged that he improperly granted loans and, in return, received a luxurious bungalow in the VIP area of New Delhi. The related bungalow is located on Amrita Shergil Marg in New Delhi. A special court granted bail to Rana Kapoor, after which he was released from Taloja jail on Friday.
Deal of the Bungalow at a Low Price: In March 2020, the CBI registered a case against Rana Kapoor, his wife Bindu Kapoor, Avantha Group’s promoter Gautam Thapar, Bliss Abode Private Limited, and other entities. The CBI alleges that Kapoor misused his position as CEO of Yes Bank to buy the bungalow on Amrita Shergil Marg at a price lower than market value. The property was initially owned by Gautam Thapar of Avantha Realty, valued at 550 crore rupees by the CBI. A loan of 400 crore rupees was taken from Yes Bank by mortgaging the bungalow. Later, the bungalow was purchased by Bliss Abode for 378 crore rupees, where Bindu Kapoor is a director.
