Money laundering case: Delhi HC seeks ED’s response to former Yes Bank CEO’s bail plea

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The Delhi High Court on Wednesday sought a response from the Enforcement Directorate (ED) on former Managing Director and CEO of Yes Bank, Rana Kapoor’s bail plea in a multi-crore money laundering case.

Issuing a notice to the ED, the bench of Justice Manoj Kumar Ohri posted the matter for further hearing on March 11.

Advocates Siddharth Aggarwal and Stuti Gujral represented Rana Kapoor in the matter while Advocate Amik Mahajan appeared on behalf of the ED.

On February 9, the bail plea of Avantha Group promoter Gautam Thapar, who was arrested in connection with the alleged misappropriation of a Rs 515 crore loan from Yes Bank, was dismissed by the same bench.

The ED had opposed the bail application of Thapar, saying all allegations made against the latter have been corroborated with the evidence and statements given by employees of Avantha Group and Yes Bank.

The Central Bureau of Investigation had also filed a chargesheet against Rana Kapoor, Gautam Thapar, among others in a bank loan fraud case of more than Rs 1,700 cr in the case registered on March 2020.

It is alleged that Rana Kapoor had abused his official position and acquired a premium property in Delhi at a price much lower than the actual market value and the property was mortgaged to Yes Bank against a loan of nearly Rs 400 crore, paid to a group of companies promoted by Rana Kapoor, the CBI had said in a statement.

The CBI added that the actual value of the property was nearly Rs 550 crore, which was acquired by the former Yes Bank CEO for nearly Rs 378 crore, and the proceeds of the sale were not used fully to liquidate the existing loan, later declared as a NPA by the bank.

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