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Rana Kapoor, co-founder of Yes Bank, receives bail from the Delhi HC

 New Delhi : Rana Kapoor, a co-founder of Yes Bank, was granted bail by the Delhi High Court on Friday in connection with a case involving the alleged laundering of $466.51 million.

The Enforcement Directorate reported the case (ED).

Justice Sudhir Kumar Jain granted Rana's request for bail. The order copy is awaited.

A trial court had previously approved bail for 15 of the co-accused, but not for Kapoor. The Special Judge had noted the severe and serious nature of the charges made against Kapoor.

The ED opposed the bail request in front of the trial court on the grounds that Kapoor was involved in the creation of criminal proceeds.

Rana, however, argued that since the charge sheet had already been submitted and he had not been detained by the agency during the inquiry, doing so would be useless.

The Special Judge had also noted that the 15 accused individuals were only hands when he rejected the bail petition. The claims made in the complaint appeared to have been carried out while acting or failing to act under the apparent direction of either Gautam Thapar or Rana Kapoor, acting as either their agents or employees.

An Enforcement Case Information Report (ECIR) was filed against Gautam Thapar, M/s. Avantha Realty Ltd., M/s. Oyster Buildwell Pvt. Ltd., and others, alleging criminal breach of trust, cheating, criminal conspiracy, and forgery for diversion and misappropriation of public funds from 2017 to 2019, resulting in losses to Yes Bank of Rs 466.51 crore.

(Inputs from Agencies)

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