Yes Bank Fraud Case: Former MD Rana Kapoor’s daughter Radha gets bail

A special court under the Prevention of Money Laundering Act (PMLA) on Thursday granted bail to founder and former MD and CEO of Yes Bank Rana Kapoor’s daughter Radha Kapoor in the Yes Bank fraud case.

The court directed her to execute a bond of Rs. 1 lakh and sureties as well as prohibited her from travelling outside the country without its permission. She was also ordered to attend the Enforcement Directorate’s office on 28 December as per summons already issued to her.

On 11 December, Kapoor and his wife Bindu and three daughters had to appear before the court, only one daughter Roshini had appeared with her mother Bindu. Rana Kapoor is already in custody. Radha had sought exemption from appearance before the court. Her advocate had informed the court that she is in Delhi and has young children, one of whom is a newborn and that she could not come due to the pandemic situation. The court had exempted her from appearance.

Another daughter Rakhee Kapoor, the court was informed, was in London with her family comprising young children. She too, could not attend due to the pandemic situation and the court exempted her from appearance.

On 11 December, the court had granted a provisional cash bail to Roshini and her mother Bindu on pleas made by them.

On Thursday, however, Radha remained present before the court along with sister Roshini and her mother Bindu and moved for bail.

Though none of these women were arrested and taken in custody by the agency, the bail pleas were moved as a procedural formality after chargesheet is filed.

The ED’s charge against Rana Kapoor is that he used his position in Yes Bank to sanction loans to Dewan Housing Finance Corporation Limited (DHFL) and its group companies. In return, he got kickbacks from its promoters for himself and his family members through companies controlled by him and them.

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Free Press Journal