Mumbai Sessions Court Denies Pre-Arrest Bail To Businessman In Alleged ₹1,000 Crore Fraud Linked To Yes Bank Case

Mumbai, June 18: The sessions court on Thursday denied anticipatory bail to businessman Sudhir Valia, an accused in an alleged Rs 1,000 crore financial fraud also involving former Yes Bank founder Rana Kapoor, noting that his custodial interrogation is required.

Valia had last month approached the sessions court through his lawyer, Vibhav Krishna, seeking anticipatory bail in the case filed against him and others at Worli Police Station. It was contended that he is merely one of six directors at Suraksha ARC. It was argued that he has been falsely implicated in the case.

Prosecution opposes bail plea

The plea was opposed by Public Prosecutor Ashwini Rayakar, who argued, “This applicant and director of his company acted with collusion of the officer of YES Bank. They created forged documents and YES Bank provided funds to the tune of Rs 22.5 crore to Valia’s company to grab assets worth more than Rs 1,000 crore, mortgaged by the complainant’s company in favour of YES Bank, and thereafter succeeded in grabbing the same by creating forged documents.”

The plea was also opposed by senior counsel Pranav Badeka, Rishi Bhutta and Sagar Shetty, who appeared on behalf of the complainant.

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Court cites seriousness of allegations

The court, however, stated, “Prima facie, the contents in the FIR and remaining investigation papers show allegations against the present applicant as well as officers of YES Bank are serious.”

“Considering the seriousness of the alleged economic fraud committed by the applicant, the custodial interrogation of the applicant is essential,” the court said while rejecting Valia’s plea for anticipatory bail.

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