Delhi High Court Seeks Response Of Enforcement Directorate On Rana Kapoor's Bail Plea In Money Laundering Case

The Delhi High Court on Wednesday sought response of the Enforcement Directorate in the bail plea filed by Yes Bank founder Rana Kapoor in a money laundering case with regards to wrongful loss of sum of Rs 466.51 Crores to the bank.

Justice Manoj Kumar Ohri issued notice on the bail plea and posted the matter for hearing on March 11.

An ECIR was registered against Gautam Thapar, M/s. Avantha Realty Ltd., M/s. Oyster Buildwell Pvt. Ltd. and others, alleging criminal breach of trust, cheating, criminal conspiracy and forgery for diversion and misappropriation of public money during the period 2017 to 2019, thereby causing losses to the tune of Rs. 466.51 Crores to Yes Bank.

Rana Kapoor was denied bail last month by a trial court wherein the Special Judge had observed that the allegations against Kapoor were grave and serious in nature. The Court however granted bail to 15 co-accused persons.

Before the Trial Court, the bail plea was opposed by the Enforcement Directorate on the ground that Kapoor was instrumental in the generation of the proceeds of crime.

It was however argued by Ran that he was not arrested by the agency during investigation and since the chargesheet was already filed, no purpose would be served by sending him in custody.

Turning down the bail plea, the Special Judge observed that the 15 accused persons were only hands so as to say and as per the averments mentioned in the complaint appeared to have been doing certain acts or omissions, while seemingly taking instructions from either Gautam Thapar or Rana Kapoor as their agents or employees.

In a similar development, bail plea of Gautam Thapar has been reserved for orders by the High Court last week.

Thapar was arrested in August last year in connection to the allegations of misappropriation of funds granted by Yes Bank in the form of Loan.

The High Court had earlier dismissed Thapar's plea challenging his arrest. He has also filed an application seeking copy of ECIR, grounds of arrest and the checklist prepared before his arrest.

Case Title: Rana Kapoor v. Enforcement Directorate