Mumbai: Financial crimes are more heinous as they not only destroy the economic fabric and financial edifice of the state but also defy the faith of the public in law and order situation observed the Bombay High Court while rejecting bail pleas of Yes Bank’s founder Rana Kapoor’s wife Bindu and daughters, Roshni and Radha.
Justice Bharti Dangre rejected the bail pleas observing: “These crimes are more heinous in nature as they intend to destroy the economic fabric and financial edifice of the State. Such crimes have the tendency to degrade and defy the faith of the public in law and order situation as it tantamount to a serious blow to its economic/financial condition.”
The mother-daughters were taken in custody on September 18 after the special Central Bureau of Investigation (CBI) court took cognisance of the chargesheet against them in an alleged corruption and cheating case involving private sector lender DHFL.
Observing that the three women did not deserve to be released on bail, the HC said: “In the instant case, it is apparent that all the Applicants are alleged to have indulged in the commission of offences, which have resulted in a serious dent to the financial health of the State as well as defrauding the public at large. Such offences are occurring in plenty and have resulted in stultifying the overall growth of the nation and also have caused tremendous impairment to the economy of the nation.”
The CBI counsel Hiten Venegavkar had opposed the trio’s bail pleas stating that they are influential and affluent persons and the probable witnesses are the employees. Besides, the CBI had expressed apprehension that if the women were released on bail then they may influence the witnesses and tamper the evidence.
Agreeing with the special CBI’s court decision of rejecting bail pleas, the HC has observed that, “It is only upon the presentation of the charge-sheet, where the full material is compiled together, the gravity of the offence could be judged and, the possibility of conviction of an accused being surfaced on the basis of the material coming before the Court in a crystallized form, prompted the learned Special Judge to reject the application for bail.”
“When the offence made out against the Applicants has now clearly emerged in the charge-sheet as a grave economic offence and, the witnesses who will participate in the trial apparently surfacing, the Applicants do not deserve their release on bail,” added justice Dangre.
Mahesh Jethmalani and Amit Desai, counsels for the mother-daughters, had contended that they were on bail all along and had cooperated with the investigation agency. Hence the protection should be extended after taking cognisance of the chargesheet since there was no possibility of them abscinding.
They are presently lodged at the Byculla women’s prison. At present, Rana Kapoor is in custody for a case being probed by the Enforcement Directorate.
According to the CBI, Kapoor had entered into a criminal conspiracy with DHFL’s Kapil Wadhawan. The CBI stated that between April and June 2018, Yes Bank invested Rs 3,700 crore in short-term debentures of DHFL. In return, DHFL allegedly paid a kickback of Rs 900 crore to Kapoor in the form of loans to one DoIT Urban Ventures, a firm controlled by Kapoor’s wife and daughters.
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