Mumbai, Feb 16 (LAB) A Mumbai Sessions court today granted bail to Yes Bank co-founder Rana Kapoor and co-accused Gautam Thapar of Avantha Group in an alleged fraud case to the tune of over 300 crores.
However, Rana Kapoor will continue to stay in the Taloja jail as he is also arrested by the ED and CBI in other cases, in which bail petitions are still pending.
The court directed Rana Kapoor to furnish Bail bonds of rupees 5 lakh and a surety of the like amount..
The Court directed both the accused to deposit their passports before the Enforcement Directorate and directed them not to travel abroad without the permission of the court.
Advocate Vijay Aggarwal appearing for Rana Kapoor argued before the court that his client was not arrested by the ED during investigation in the present matter but was arrested on the predicate offense registered by the Central Bureau of Investigation (CBI)
Since he has not been arrested by Enforcement Directorate during investigation in the present matter and as the ED has filed the Prosecution Complaint without arresting Rana Kapoor, therefore, in terms of settled law by the Supreme Court of India, he is entitled to be released on bail, Aggarwal contended.
Aggarwal said that the ED had registered a money laundering case based on the predicate offense registered by the CBI against Kapoor, his wife Bindu Kapoor, and promoter of Avantha group, Gautam Thapar for “illegal gratification in lieu of favors extended in connection with official work”. The agency has pegged the loss caused to the bank at Rs.466.51 crores.
It was also argued by Aggarwal that the alleged proceeds of crime in the present case have already been duly secured as the ED has provisionally attached property being bungalow at Amrita Shergil Marg, Lutyens, New Delhi and therefore, there is no question of fleeing from justice.
The case pertains to a loan taken by Oyster Buildwell Pvt Ltd, a holding company of Avantha Realty Limited from Yes Bank Ltd, and its alleged misappropriation of the loan amount to the tune of over 300 crores from 2017 to 2019. /LAB/SNG/