Yes Bank: Rana Kapoor, the founder of Yes Bank, has been denied bail by the Bombay High Court twice now in connection with a case involving Kapil Wadhawan, the director of Dewan Housing Finance Corporation Ltd (DHFL). On January 25, 2021, the High Court dismissed Rana Kapoor’s prior request for bail. Although Kapoor has been in custody for three years, the bench of Justice PD Naik declared, “The involvement of public money shows that the charge is serious. There is suspicion of evidence tampering.’
The Case was filed against the Rana Kapoor in 2020
The CBI initially filed a case against Rana Kapoor in 2020. He was detained on March 8, 2020, in connection with a money laundering case that the Enforcement Directorate (ED) had filed against him for conspiring with Wadhawan to commit crimes so that Kapoor would receive a significant unjust advantage through businesses owned by his family. According to reports, Yes Bank put ₹3700 crores into DHFL’s short-term debentures in 2018. Additionally, a loan of ₹750 crore was approved for a DHFL subsidiary. By providing a loan to DOIT Urban Ventures (India) Pvt. Ltd., a firm that is entirely owned by RAB Enterprises, a business owned by Kapoor’s wife and children, it is claimed that Kapoor received kickbacks of ₹600 crores.
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Kapoor is being held without bail in three different cases
Kapoor submitted a second bail plea on the justification that his time in prison had exceeded the minimum length called for by the punishment. If found guilty, Kapoor may receive a term as high as seven years in prison and as little as three years. Even though the applicant has spent more than three years in pre-trial jail, Kapoor’s attorney, Abad Ponda, argued that no charges have been filed as of yet, and that the trial will not start any time soon. Ponda brought up the fact that Kapoor is being held without bail in three different cases, including this one. The ED’s attorney, Hiten Venegaonkar, contended that the agency had prepared draught charges against Kapoor and would provide them to the trial court so that it could start formulating charges.
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Kapoor is involved in the laundering of state funds
“Kapoor and his family members have incorporated or have a beneficial interest in various companies,” the bench continued. Given the applicant’s involvement in the crime, these factors cannot be disregarded. Kapoor is not eligible for bail given the scope and gravity of the offence. It is claimed that Kapoor is involved in the laundering of state funds. He is accused of conspiring to steal substantial sums of money with the proprietors of DHFL, according to Justice Naik. Although Kapoor has been in custody for three years, the bench continued, ‘The use of public funds shows that charge is serious. There is suspicion of evidence tampering. Therefore, bail cannot be granted on the justification that Kapoor has been in custody since March 8, 2020.’
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