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Yes Bank co-founder Rana Kapoor granted bail in money laundering case

Rana Kapoor was arrested by the federal investigating agency under the Prevention of Money Laundering Act (PMLA) in 2020.

November 25, 2022 / 12:08 PM IST
Rana Kapoor

Rana Kapoor


Delhi High Court on November 25 granted bail to Yes Bank co-founder Rana Kapoor in a Rs 466.51-crore money laundering case registered by the Enforcement Directorate (ED).

Kapoor was arrested by the federal investigating agency under the Prevention of Money Laundering Act (PMLA) in 2020.

Also Read | Yes Bank saga: How the cookie crumbled

The ED has accused Kapoor, his family members and others got benefits worth hundreds of crores through companies controlled by his family as kickbacks for sanctioning huge loans.

The Central Bureau of Investigation (CBI) in September filed a charge sheet against Kapoor and Avantha Group promoter Gautam Thapar in the Rs 466.51 crore bank fraud case.

The banker is currently lodged in Taloja jail in Navi Mumbai.

Also Read | 101 firms, 168 bank accounts and 3 holding companies: How Yes Bank’s Rana Kapoor ran a byzantine business empire

Kapoor and family ran a byzantine collection of 101 companies from Samudra Mahal through three holding firms  — Morgan Credits (MCPL), Yes Capital India (YCPL) and RAB Enterprises, according to ED.

Rana Kapoor is also accused of receiving bribes for going easy on loans given to a few big corporate groups that had turned into non-performing assets (NPAs).
Moneycontrol News
first published: Nov 25, 2022 10:48 am