Founder and former MD and CEO of Yes Bank Rana Kapoor and Avantha Group’s promoter Gautam Thapar secured bail from a special court on Wednesday in a money laundering case concerning an Avantha group’s firm in which Yes Bank suffered losses of over Rs. 300 crores.
Kapoor however, has other cases against him, including the money laundering case concerning Dewan Housing Finance Corporation Limited (DHFL) and will continue to remain in judicial custody in those. Thapar too is in custody in two other cases and will remain in custody.
The bail applications were made on Wednesday after the court had summoned all the accused in the case to appear before it after taking cognizance of the chargesheet filed by the Enforcement Directorate. Kapoor, who is in custody in another case, was produced before the court from Taloja prison and filed for bail.
Kapoor’s advocates Vijay Aggarwal along with Rahul Agarwal told the court seeking bail for the former banker, that he had fully cooperated with the agency during questioning and had never been arrested in the case. Thapar filed for bail through his advocate Mahesh Jethmalani and Sandeep Kapoor.
Special judge MG Deshpande granted bail to Kapoor and Thapar, among other co-accused who sought bail. Among conditions is that both furnish bonds and sureties of Rs. 5 lakhs.
The case arose from a loan given by Yes Bank to an Avantha Group firm Avantha Realty Pvt. Ltd. Kapoor was then the bank’s MD and CEO as well as head of the loan credit committee. The former banker allegedly connived with Thapar and extended a loan to his firm and in return, obtained a prime location property in Delhi at a meagre value.
