Rana Kapoor
Rana Kapoor

Mumbai: A special CBI court on Friday rejected the anticipatory bail plea of Yes Bank founder Rana Kapoor while observing that he is a principal accused in the case who has played an active role in the crime out of which a multi-crore fraud was committed.

The pre-arrest bail plea was rejected by CBI special judge SU Wadgaonkar. Appearing for Kapoor, his advocates Abad Ponda and Subhash Jadhav had argued that when the plea was filed, the investigation was in progress in the case and later when it was pending, the chargesheet was filed by the central agency. They said that once the chargesheet is filed, the agency is not entitled to get police custody.

Appearing for the CBI, special public prosecutor Ashok Bagoria had argued that considering the facts of the case and that it is a serious economic offence, Kapoor is not entitled to prearrest bail.

Rejecting the pre-arrest bail plea, the special court said that the primary consideration in the grant of anticipatory bail is the gravity of the offence which is an important factor. It is noted that considering the facts of the case, Rana is a principal accused, and played an active role in the crime in question out of which multicrore bank fraud was committed.

Rana Kapoor is currently in prison in connection with the Enforcement Directorate case against him in the Yes Bank fraud. As per the agency’s case, the bank made Rs 3,700 crore of investments in short term debentures of DHFL without redeeming them. In return, Rana Kapoor who was at the helm of affairs at the bank then, got kickbacks of Rs 600 crore through a firm linked to his family.

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