Yes Bank co-founder Rana Kapoor prima facie misused his official position to acquire a valuable property at an "inadequate consideration", a special court here has said while denying bail to businessman Gautam Thapar, his co-accused in the case that pertains to the sale of a property at a prime location in Delhi.
Special CBI court judge M R Purwar denied bail to Thapar on Tuesday and the detailed order was made available on Wednesday.
The case pertains to the allegations about the sale of a property situated on Amrita Shergill Marg in Delhi to a company owned by the wife of Rana Kapoor, for which a separate FIR was registered by the Central Bureau of Investigation (CBI) in Mumbai. Thapar was named in the charge sheet filed by the central probe agency.
After perusal of the charge sheet and other documents, the court noted that prima facie it came to light that Rana Kapoor, the then MD and CEO of Yes Bank, abused his official position to acquire a valuable property at an inadequate consideration although its actual value was higher.
Further, Gautam Thapar (accused number 2), promoter of Avantha Realty, and Rana Kapoor's wife Bindu (accused number 4), through their respective companies abetted in the commission of the said offences by Rana Kapoor, the court said.
As per the CBI investigation, it came to light that Rana Kapoor, in conspiracy with Thapar and Bindu Rana Kapoor, was able to fraudulently induce the bank to release the property for sale at an inadequate value.
It has also come to light that Rana Kapoor further abused his official position to give additional loans to various group companies of Gautam Thapar, which were not utilised for the purpose for which it was given and major portion was used for ever greening of the existing loans with Yes Bank, the CBI said.
The Kapoors were also able to induce the bank to grant the loan of Rs 400 crore, to Avantha Realty against a sham rental agreement entered between two group companies of Avantha Group and thus cheated Yes bank Ltd, it said.
"In this view of the matter, from the charge sheet and connected papers thereto prima facie, the allegations are to the effect that the applicant along with co-accused indulged in the commission of offence, which resulted in serious dent to the financial health of the state," the court said.
Another allegation is to the effect of grant of loan of Rs 530 crore to a firm called Solaris, although it utilisation was for different purposes than it what was sanctioned for. Thus, the applicant (Thapar) is involved in a grave and serious economic offence affecting the economy of the country, the court said.
"Considering the facts of the matter, the gravity and nature of the offence and in the larger interest of the society, I am not inclined to allow the prayer by using discretion in favour of the applicant. The application is, therefore, deserves to be rejected," the court added.
Thapar is currently in judicial custody and is lodged in Delhi's Tihar Jail after being arrested by the Enforcement Directorate (ED) in August. The ED is also probing the alleged transaction between Thapar's Avantha Realty, Rana Kapoor and the latter's wife, and has filed a money laundering case after taking cognisance of an FIR filed by the CBI.
Rana Kapoor is in judicial custody after being arrested by March 2020 in case pertaining to scam at the bank.
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