Rana Kapoor’s pre-arrest bail rejected in Avanta case
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A CBI special court has denied anticipatory bail to former MD and CEO of Yes Bank Rana Kapoor in another case of corruption connected with Yes Bank.

Kapoor through his advocate Subhash Jadhav had sought anticipatory bail stating that the agency had not sought prior approval or sanction as required under the Prevention of Corruption Act (PCA) for prosecuting a public servant.

Further the plea stated that the Enforcement Directorate has investigated the case in which the allegations are the same and that has already filed a complaint or chargesheet in the matter. Hence, that again a custodial interrogation is not required by the CBI in the matter. Kapoor had also cited his age, illnesses and the pandemic situation in his plea for relief.

Special Public Prosecutor Ashok Bagoria had appeared for the CBI. The agency opposed the plea on the grounds that there is need for custodial interrogation as the investigation by the CBI is at an initial stage. The agency also told the court that Kapoor had conspired with the Avanta Group and accommodated the default by the group in exchange for illegal gratification.

As per the CBI’s FIR against Rana Kapoor, his wife Bindu Kapoor and others, Kapoor had obtained a property at a prime location in Delhi from Avanta Realty at much less than realizable market value. The low price was in exchange for Kapoor's extending concessions, relaxations and waivers in the loans given to the group.

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Free Press Journal