Yes Bank co-founder Rana Kapoor gets bail in ED case related to loan fraud

A special court on Thursday granted bail to Yes Bank cofounder Rana Kapoorin a moneylaundering case linked to alleged financial irregularities at the bankHe however would not walk out of jail at present as he has not been granted bail in a related case registered by the Central Bureau of InvestigationKapoor 65 former MD and CEO of the private bank was arrested by the Enforcement Directorate ED under the Prevention of Money Laundering Act PMLA in March 2020Special judge for PMLA court M G Deshpande granted Kapoor bail on ThursdayThe trial in the case cannot begin and conclude in view of the expectations and guidelines laid down by the Supreme Court in a different case therefore he was entitled to relief under section 436A of the Code of Criminal Procedure and deserves to be released on bail the judge saidAs per the section 436A an undertrial prisoner has the right to seek bail on serving more than half of the maximum possible sentence prescribed for the offence he or she is accused ofKapoor on his part never initiated any proceeding to protract the trial nor did he restrict the EDs proceedings before this court The ED too did not contend that bail applications filed by Kapoor are causing delay in the investigation the court saidIn the bail application filed through advocates Rahul Agarwal and Jasmine Purani Kapoor said he was in prison for more than threeandhalf years half the period of maximum sentence prescribed for the offence under the PMLAConsidering the status of the case there was no likelihood that the trial will begin soon he saidThe ED on the other hand contended that Kapoor was one of the main accused persons who misused his position to gain undue financial benefits of Rs 5050 crore for himself his family members and associates by involving himself in bribery corruption and money launderingKapoor received several hundred crores of rupees in kickbacks over bogus loans extended by Yes Bank to DHFL and its group companies owned by Kapil Wadhawan and Dheeraj Wadhawan both coaccused in the case the probe agency has allegedThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever