Mumbai: The Central Bureau of Investigation has on Monday approached the special court hearing the cases related to Yes Bank, to question former Yes bank promoter Rana Kapoor in connection with the loan granted to Mack Star Marketing Pvt. Ltd, one of the group companies of Rakesh Wadhawan.
As per the CBI's case, Kapoor while holding a post of Managing Director and CHief Executive Officer of the Yes bank from 2011 till 2016, had hatched a criminal conspiracy with Rakesh and his son Sarang, promoters of M/s HDIL. The bank under the approval of Kapoor sanctioned 06 Term Loans amounting to ₹200.30 Crores to M / s Mack Star Marketing Pvt. Ltd. (a group company of Wadhawans) for Lease Rental Discounting/ General Corporate Purposes/Renovation and refurbishment of building Kaledonia, Andheri.
Mack Star Marketing was a joint venture promoted by Ocean Deity Investments Holdings Limited (ODIL), a registered company under Mauritius law, and a private company owned by the Wadhawans.
Money diverted by the borrower, says CBI
The agency claimed that the loan amounts were not utilized for the purpose these were sanctioned and diverted by the borrower. The diverted funds were used for discharging liabilities of HDIL and its group companies towards Yes Bank.
The agency has now approached the court to interrogate Kapoor in the prison about the said transaction in the prison. The court will hear the plea on Tuesday.
While Kapoor is in prison for his involvement in other crimes, he was granted bail in the present case in April this year for having spent more then two years in prison without trial.
The special PMLA judge MG Deshpande had held observed that, "Is it lawfully permissible to allow the CBI to consume seven years for filing the final report without any progress report and till then suspend the right of undertrial prisoner for an expeditious trial? This is serious,”
