A Mumbai Special Prevention of Money Laundering Act (PMLA) Court granted bail to Rana Kapoor, Yes Bank founder and Gautam Thapar, Avantha Realty promoter along with 7 others involved in the case on Wednesday in connection with a fraud case of the bank which involved a transaction of ₹307 crores with the realty company. Special Judge of the PMLA Court, MG Deshpande granted the bail on execution of bail bond of ₹5 lakh each to Kapoor and Thapar respectively.
Special Judge MG Deshpande also added the following conditions:
-To attend every date of the trial scrupulously;
-To not tamper with evidence collected by the Enforcement Directorate; and
-To submit respective passports to ED immediately and seek permission from the Court before travelling to Abroad.
The offence was filed by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED). The FIR claimed that Kapoor obtained pecuniary advantage of over ₹300 crores when it was not eligible, thereby causing loss of over ₹1700 crores to Yes Bank by extending credit facilities to Avantha group of companies. Kapoor and his wife, Bindu Kapoor are in police custody for an alleged loan scam of ₹1700 crores along with Thapar.
Vijay Aggarwal, advocate of Kapoor claimed that as the ED did not arrest him after the complaint was filed, he was entitled to be released on bail. He also pointed out that since the bail jurisprudence was divided for offence upto more than 7 years, his client deserves to be released on bail.
Sunil Gonsalves, special Public Prosecutor opposed the bail saying that the case is an economic offence of more than ₹300 crores.
Thapar is lodged in Tihar jail for another case investigated by the ED, while Kapoor continues to remain in custody in relation to another Yes Bank scam case.