Lagatar24 Desk
New Delhi, Nov 25: The Delhi High Court on Friday awarded relief to Rana Kapoor, who is the founder of Yes Bank, in a case being probed by the Enforcement Directorate involving money laundering of Rs 466.51 crore.
Rana Kapoor, who is currently in jail, had asked for temporary release on bail, stating that his health issues make him susceptible to contracting the Covid virus. His bail was, however, turned down.
The investigation agency claimed that Dewan Housing Finance Limited (DHFL) promoters Kapil and Dheeraj Wadhawan and Yes Bank co-founder Rana Kapoor skimmed off money totaling Rs 5,050 crore through questionable transactions. In accordance with the Prevention of Money Laundering Act (PMLA), Kapoor was detained by the ED in 2020.
“There is no doubt about the fact that Rana Kapoor has misused his official position to gain undue financial benefit for him and his family members,” the chargesheet filed by the ED said.
The chargesheet against Avantha group promoter Gautam Thapar, along with the names of numerous other employees of Yes Bank, including Rana Kapoor, was then brought before a trial court for consideration. In the case, Kapoor and Avantha Group promoter Gautam Thapar were named in a chargesheet submitted by the CBI in September.
Additionally, Kapoor is suspected of accepting bribes in exchange for granting loans to a few large multinational groups that later became non-performing assets (NPAs).
After the ECIR was recorded on March 3, 2020, the ED launched its investigation. According to the charge sheet, Rana Kapoor aggressively tried to sell his properties overseas to avoid having them seized by the ED under the PMLA. In this case, there is a POC of Rs 5,050 crore.
Although Rana Kapoor founded the aforementioned business DUVPL, his three daughters are 100 per cent shareholders therein.
