Yes Bank founder Rana Kapoor gets bail in last pending case, walks out of jail after 4 years

The current case relates to allegations that Kapoor obtained illegal gratification in the form of a prime property in New Delhi, belonging to Avantha Realty, at a value much less than the market price. This was in lieu of extending concessions, relaxations and waivers in the existing credit facilities given to the real estate group by Yes Bank, the CBI had alleged. The CBI had claimed that there was misappropriation of the loan amount to the tune of Rs 400 crore.

Kapoor, through his lawyers Aabad Ponda and Rahul Agarwal, said in his bail application that he was never the sole or the final approving authority of the loan and that the entire management credit committee was involved in collectively approving the loan. They submitted that two others booked in the case were already out on bail. They also submitted that the chargesheet did not have any material to connect the loans and the sale transaction of the New Delhi property.

In the case filed by the ED linked to Avantha Realty, the special court had granted bail to Kapoor in 2022, stating that the agency has not shown any ‘active approach’ to begin trials of cases pending for long. The court considered the time spent by Kapoor behind bars, with the trial yet to commence in the case.

Special Judge M G Deshpande permitted Kapoor to be released on bail on executing a personal bond of Rs 2 lakh, along with other conditions. After the bail formalities were completed, Kapoor was released from Taloja Central Prison around 7 pm. The detailed order is likely to be made available on Saturday.