Rana Kapoor gets bail in HDIL case, but will remain in jail

Yes Bank founder Rana Kapoor gets bail in money laundering case involving HDIL

A Mumbai sessions court on Wednesday granted bail to Yes Bank (NS:YESB) co-founder Rana Kapoor in a Rs 900 crore money laundering case pertaining to a loan given to the Housing Development and Infrastructure Ltd (HDIL).

However, currently lodged in the Taloja Jail in Raigad, Kapoor will continue to be behind bars as he faces several other cases in the court.

In the present case, the Enforcement Directorate had arrested Kapoor in 2020 under the Prevention of Money Laundering Act (PMLA), alleging that Kapoor, his family members and others got huge bribes for sanctioning massive loans when he was at the helm.

Of the loans of Rs 30,000 crore approved by Yes Bank, advances of Rs 20,000 crore turned into NPAs.

After his arrest, Kapoor had applied for an interim bail on purported medical grounds but it was rejected.

Earlier, Kapoor was granted bail in other ED cases linked with money laundering, pending in Mumbai and Delhi.

Leave a Reply