The World Opinion

Tag: Rana Kapoor

  • Yes Bank Founder Rana Kapoor Granted Bail By Mumbai CBI Court In Fraud Case | Companies News

    New Delhi: Rana Kapoor, the founder of Yes Bank has been granted bail by a special CBI court in Mumbai in a fraud case. The court has expressed concerns that keeping him in custody without trial would be like “pre-trial conviction” of Rana.

    Kapoor was granted bail on Friday evening from the special CBI Judge, M G Deshpande. He walked out of the jail after over 4 years from Taloja Central Prison. This was the last pending case against him which involved the Avantha Group. (Also Read: Govt Oil Companies Conducts Free Safety Checks For All LPG Connections)

    Why was Rana Kapoor arrested?

    Kapoor was arrested by the Enforcement Directorate (ED) in a money laundering case in March 2020. He had to face charges in eight cases filed by both the ED and the Central Bureau of Investigation (CBI) which was related to fraud at the Yes Bank. (Also Read: Good News For Senior citizens: Health Insurance Now Available For Individuals Over 65)

    CBI filed a case against Rana Kapoor, his wife Bindu, industrialist Gaitam Thapar of the Avantha Group, Bliss Abode pvt Ltd and others. According to the allegations Kapoor while serving as the CEO of Yes Bank misused his position to acquire a prime property on Amrita Shergil Marg, Delhi’s upscale. He purchased it for a price lower than its market value and it belonged to a mortgage with Yes Bank.

    Bliss Abode Private Limited which was led by Rana kapoor’s wife Bindu Kapoor purchased the property for Rs 378 crore even though the market value of the property was 685 crore. The agency claimed that Yes Bank extended credit facilities of Rs 2500 crore to various Avantha Group Companies and granted an additional loan of 400 crore to Avantha Realty Ltd (ARL) as part of a quid pro quo deal, according to CBI. 

    What did Court say?

    The court’s order which was made available on Saturday said that there was no valid reason to continue detaining the applicant who has already spent 4 years in custody for multiple other cases.

    “It is significant to note the applicant (Kapoor) has deep roots in society and Mumbai. He has a family comprising an unmarried daughter and a wife who are dependent on him. He is no longer associated with Yes Bank and has no access to its records for any apprehension of tampering with it,” The court stated.

    The court further stated, “He (the special public prosecutor) cannot justify why the 66-year-old applicant, who suffers from multiple health issues as outlined in the bail application, should remain incarcerated indefinitely,”

  • Used to be pressured to shop for MF Husain portray for Rs 2 crore from Gandhis: Rana Kapoor in ED chargesheet

    Through PTI

    MUMBAI: Sure Financial institution co-founder Rana Kapoor has advised the Enforcement Directorate that he used to be “pressured” to shop for an MF Husain portray from Congress’ Priyanka Gandhi Vadra and the sale proceeds had been utilised by way of the Gandhi circle of relatives for the clinical remedy of Congress president Sonia Gandhi in New York, as consistent with the chargesheet filed by way of the federal anti-money laundering company in a distinct courtroom right here.

    Kapoor additionally advised the ED that he used to be advised by way of the then petroleum minister Murli Deora that the refusal to shop for the MF Husain portray won’t simplest save you him from construction a courting with the Gandhi circle of relatives but additionally save you him from getting the ‘Padma Bhushan’ award.

    ALSO READ| Sure Financial institution-DHFL case: Rana Kapoor, Wadhawans laundered cash value Rs 5,050 crore, says ED

    The statements of Rana Kapoor are a part of the second one supplementary chargesheet (general 3rd) filed within the particular courtroom right here lately in opposition to the Sure Financial institution co-founder, his circle of relatives, Dewan Housing Finance Restricted (DHFL) promoters Kapil and Dheeraj Wadhawan, and others in a cash laundering case.

    Declaring that he had paid a cheque of Rs 2 crore, Kapoor claimed that “Milind Deora (son of the overdue Murli Deora and previous Congress MP) later conveyed to him confidentially that the sale proceeds had been utilised by way of the Gandhi circle of relatives for the clinical remedy of Sonia Gandhi in New York”.

    Kapoor additionally advised the ED that Ahmed Patel, a detailed confidante of Sonia Gandhi, had advised him that by way of supporting the Gandhi circle of relatives at an opportune time for clinical remedy of Sonia Gandhi, I (Kapoor) had carried out a excellent deed for the circle of relatives and it will be duly regarded as for the ‘Padma Bhushan’ award.

    Murli Deora had attempted to persuade Rana Kapoor that the refusal to buy the portray can even no longer allow him ever to construct a courting with the Gandhi circle of relatives. It’ll additionally save you him from getting the ‘Padma Bhushan award, as consistent with the chargesheet.

    The overdue Deora had advised Kapoor at dinner that the failure to buy the portray may have “hostile repercussions” on him and Sure Financial institution, Kapoor has claimed in his remark to the ED. The banker is lately in judicial custody following his arrest within the case in March 2020. “Initially I want to state that it used to be a pressured sale for which I used to be by no means in a position,” the chargesheet stated concerning the portray Kapoor allegedly bought from Priyanka Gandhi Vadra.

    Milind Deora had made a number of visits to his (Rana Kapoor’s) area and place of work to influence him for getting an MF Husain portray from Priyanka Gandhi Vadra. “He had even made me a number of calls and messages additionally on this regard from more than one cell numbers. In truth, I used to be very a lot reluctant to head for this deal and I had attempted additionally to keep away from this deal a number of instances by way of ignoring his calls/messages and private conferences,” Kapoor advised the ED, as consistent with the chargesheet.

    “Regardless of my perfect efforts to keep away from this deal they had been exceptionally chronic to finalise the deal swiftly,” Kapoor claimed. He additional mentioned that later, within the yr 2010, Murli Deora pressured him to fulfill him for a vegetarian dinner (Marwari dinner) at his Lodhi Property Bungalow in New Delhi.

    He used to be Petroleum Minister at the moment and have been allocated this bungalow in that capability, Kapoor stated, as consistent with the chargesheet.

    “All the way through the assembly, the overdue Murli Deora advised me in no unsure phrases that to any extent further extend in buying the above-said portray may have hostile repercussions on me and my Sure Financial institution and it might jeopardise my courting with the Deora circle of relatives,” Kapoor stated. “Concurrently, he had attempted to persuade me that it is going to additionally no longer allow me ever to construct me a courting with the Gandhi circle of relatives,” the banker added.

    Additional, within the remark, Kapoor claimed, “He (Murli Deora) had additionally advised me that any deviation on my section for the loss of closure of the deal will surely save you me from getting awarded the ‘Padma Bhushan’ for which, in keeping with him, I used to be extremely deserving at the moment”.

    “Underneath this risk and in opposition to my circle of relatives’s needs, since we don’t seem to be high-value Artwork Creditors, I may no longer have the funds for to ask any type of enmity with the 2 robust households concerned and thus I needed to hesitatingly continue given the looming and overhanging risk concerned,” Kapoor advised ED, as consistent with the chargesheet.

    Kapoor advised the ED that formalities for last the deal had been held at Priyanka Gandhi Vadra’s place of work. “Milind Deora had actively coordinated this ultimate last assembly. I want to state that for this deal, I had made a fee of Rs 2 crore thru a cheque of my private account in HSBC Financial institution,” he added.

    Kapoor stated a couple of weeks after the deal, Milind Deora conveyed to him confidentially that the sale proceeds had been used by the Gandhi circle of relatives for the clinical remedy of Sonia Gandhi in New York. “After a couple of months, whilst I (Kapoor) used to be visiting the place of dwelling of (overdue) Ahmed Patel, a detailed confidante of Sonia Gandhi, I used to be knowledgeable independently by way of him that by way of supporting the Gandhi circle of relatives at an opportune time for clinical remedy of Sonia Gandhi I had carried out a excellent deed for the circle of relatives and it will be duly regarded as for the ‘Padma Bhushan’ to me,” the chargesheet stated.

    The Enforcement Directorate (ED) has alleged that Rana Kapoor and Dewan Housing Finance Restricted (DHFL) promoters Kapil and Dheeraj Wadhawan had siphoned off price range value Rs 5,050 crore thru suspicious transactions.

    The ED had began its investigation after recording ECIR on March 3, 2020, and after the probe started, Rana Kapoor aggressively attempted to get rid of his out of the country homes to save lots of them from being attachment by way of the ED beneath PMLA, the fee sheet stated.

    The POC concerned on this case is Rs 5,050 crore. Whilst Rana Kapoor is the founding father of the stated corporate specifically DUVPL, his 3 daughters are 100 consistent with cent shareholders therein. Rana Kapoor is lately in judicial custody following his arrest within the case in March 2020.

    The Wadhwans too are in prison custody after their arrest in any other case.

  • Sure Financial institution founder Rana Kapoor will get bail in Rs 300 crore fraud case

    By way of On-line Table

    A different PMLA court docket in Mumbai on February 16 granted bail to Sure Financial institution founder Rana Kapoor within the alleged fraud case of over Rs 300 crore, reported Information Company ANI.

    Previous within the day, the Delhi Top Courtroom sought a reaction from the Enforcement Directorate at the bail plea of Kapoor, a former MD, and CEO of YES Financial institution, in a cash laundering case associated with the wrongful lack of Rs 466.51 crore to the financial institution.

    The Bench of Justice MK Ohri sought a reaction from the monetary probe company and slated the subject for March 11, 2022, for additional listening to.

    Recommend Siddharth Aggarwal at the side of suggest Stuti Gujral gave the impression for Kapoor within the subject whilst suggest Amik Mahajan gave the impression for Enforcement Directorate.

    The trial court docket had in January refused to grant bail to Kapoor. The similar court docket previous had additionally brushed aside the bail petition of businessman Gautam Thapar, promoter of Avantha Team.

    ALSO READ | Chargesheet filed in opposition to Sure Financial institution’s Rana Kapoor, Gautam Thapar

    Thapar’s bail plea is at the moment being tested through the Delhi Top Courtroom. Thapar used to be arrested through the ED in August closing 12 months and is recently in judicial custody.

    The trial court docket in October 2021, took cognizance of the ED fee sheet (Prosecution Criticism) filed in opposition to Avantha staff promoter Gautam Thapar involving Sure Financial institution’s Rana Kapoor and several other staff in reference to the cash laundering case.

    The trial court docket had mentioned, “Hereby take cognizance of offence as there are enough grounds to continue in opposition to the accused individuals arraigned within the provide criticism.”

    In step with the ED, an FIR used to be registered in opposition to Gautam Thapar, Avantha Realty Ltd, Oyster Buildwell Pvt Ltd and others alleging felony breach of accept as true with, dishonest, felony conspiracy, and forgery for diversion or misappropriation of public cash throughout the length 2017 to 2019.

    Previous, the ED had advised the Delhi Courtroom that, “Investigation published that roughly Rs 500.11 crores proceeds of crime, have been laundered thru Oyster Buildwell Pvt Ltd (OBPL), Jhabua Energy Restricted (JPL), Jhabua Energy Funding Ltd (JPIL), Avantha Energy and Infrastructure Ltd (APIL), Avantha Realty Ltd (ARL), and so on that are being managed and beneficially owned at once or not directly through Gautam Thapar.” 

    (With company inputs)