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

Yes Bank co-founder Rana Kapoor was arrested in March 2020 (Reuters file image)

A Mumbai court on April 12 granted bail to Yes Bank co-founder Rana Kapoor in a case of alleged money laundering, amounting to Rs 200 crore.

The case is linked to six loans given to Housing Development and Infrastructure Ltd (HDIL) by Yes Bank between 2011 and 2016 when Kapoor was associated with the private lender's operation.

Despite the bail order issued by the Mumbai Sessions Court, Kapoor will continue to remain behind bars as he has a number of other cases pending against him.

Kapoor was arrested back in March 2020 by the Enforcement Directorate, under provisions of the Prevention of Money Laundering Act (PMLA). He is currently lodged in Taloja jail in Navi Mumbai.

The ED had accused Kapoor, along with his family members, of receiving benefits to the tune of around Rs 4,300 crore through entities controlled by them, in the form of kickbacks for sanctioning mega loans.

The federal probing body had alleged that loans amounting to around Rs 30,000 crore were issued by Yes Bank when Kapoor was leading it, and among those, loans aggregating up to Rs 20,000 crore turned into non-performing assets (NPAs).

The bail to Kapoor in the HDIL-linked case comes around two weeks after a special PMLA court in Mumbai granted him bail in a case linked to alleged diversion of bank loan fund worth Rs 200 crore. He was also granted bail by the Delhi High Court in November, in a Rs 466.51-crore money laundering case registered by the ED against him.