India News | Yes Bank Co-promoter Rana Kapoor Gets Bail in Loan Diversion Case; to Remain in Jail in View of Multiple Cases
Get latest articles and stories on India at LatestLY. A special PMLA court here on Saturday granted bail to Yes Bank co-promoter Rana Kapoor in a money laundering case linked to the alleged diversion of bank loan fund worth Rs 200 crore.
Mumbai, Apr 1 (PTI) A special PMLA court here on Saturday granted bail to Yes Bank co-promoter Rana Kapoor in a money laundering case linked to the alleged diversion of bank loan fund worth Rs 200 crore.
Kapoor, however, won't walk out of prison as he is accused in multiple cases, including alleged fraud at Yes Bank.
He was granted bail by special PMLA judge M G Deshpande. A detailed order is not available yet.
Kapoor, 63, has been lodged in a Mumbai jail since March 2020 after he was arrested by the Enforcement Directorate in connection with alleged financial irregularities and purported kickbacks paid to him and his family members in return for certain dubious loans provided by Yes Bank to some high-profile borrowers.
The case, in which he was granted bail on Saturday pertains to Rs 200 crore loan granted to Mackstar Marketing Pvt Ltd by Yes Bank.
Kapoor's role in the sanction of this loan is under the scanner.
Mackstar is a joint venture promoted by Ocean Deity Investments Holdings Ltd. (ODIL), a registered company under Mauritius law, and a private company owned by Rakesh Wadhwan and Sarang Wadhwan, promoters of Housing Development and Infrastructure Ltd. (HDIL).
The ED had claimed that through Mackstar, Wadhawans had obtained six loans worth Rs 200 crore, which were used to clear other liabilities and credit facilities obtained from Yes Bank.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)