A Mumbai court on Wednesday has granted bail to Yes Bank co-founder Rana Kapoor and Gautam Thapar of Avantha Group in a money laundering case related to the wrongful loss of Rs 466.51 crore to Yes Bank.
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However, Kapoor is likely to remain in judicial custody in other cases registered by the CBI and ED. Kapoor is currently lodged at Taloja Jail, Mumbai after being arrested by CBI in March 2020.
According to the ED, the case was registered against Gautam Thapar, Avantha Realty Ltd (ARL), Oyster Buildwell Pvt Ltd (OBPL), and others alleging criminal breach of trust, cheating, criminal conspiracy, and forgery for diversion or misappropriation of public money during the period 2017 to 2019.
Last month, the trial court had denied the relief of bail to Kapoor, noting that the allegations against him were most grave and serious in nature.
“Considering the overall facts and circumstances of the present case, since the allegations against the accused are most grave in nature, as a resultant no ground for his bail is made out at this stage. Consequently, the bail application of accused Rana Kapoor is dismissed,” the court said.
"Considering the overall facts and circumstances of the present case, since the allegations against the accused are most grave in nature, as a resultant no ground for his bail is made out at this stage. Consequently, the bail application of accused Rana Kapoor is dismissed,” the court said.
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The trial court had, however, granted bail to 15 other accused – B Hariharan, Abishek S Pandey, Rajendra Kumar Mangal, Raghubir Kumar Sharma, Anil Bhargava, Tapsi Mahajan, Surendra Kumar Khandelwal, Sonu Chadha, Harsh Gupta, Ramesh Sharma, Pawan Kumar Agarwal, Amit Mamtani, Ashish Agarwal, Amit Kumar, and Vinod Bahety – in the case.
The judge observed that the 15 accused were “only hands so as to say and as per the averments mentioned in the complaint appeared to have been doing certain acts/omissions, while seemingly taking instructions from either accused Gautam Thapar or accused Rana Kapoor, as their agents/ employees.”
It also noted that they always cooperated during the investigations, as and when called by the investigating agency and they were stated to have joined investigations on a number of occasions.
Earlier, the ED had told the Delhi Court that the investigation revealed that approximately Rs 500 crore proceeds of crime, were laundered through OBPL, Jhabua Power Limited (JPL), Jhabua Power Investment Ltd. (JPIL), Avantha Power and Infrastructure Ltd (APIL), ARL, etc. which were being controlled and beneficially owned directly or indirectly by Thapar.