Yes Bank founder Rana Kapoor was recently released on bail from prison following his arrest in connection with a loan fraud case. Kapoor, who had been held at Taloja jail in Navi Mumbai, was granted bail by a special judge for CBI cases. The allegations against Kapoor included obtaining a bribe in the form of a property located in Delhi below its market value for sanctioning a loan during his tenure as managing director and CEO of Yes Bank.
The Central Bureau of Investigation (CBI) claimed that Kapoor, as the head of the Management Credit Committee (MCC) of Yes Bank, had approved a loan related to a property owned by Avantha Realty Ltd. The property was purchased by Bliss Abode Private Limited, run by Kapoor's wife Bindu Kapoor, at a significantly lower price than its market value, allegedly as part of a quid pro quo deal. Kapoor's bail application argued that the CBI's charge sheet did not clearly establish his role in any wrongdoing, emphasizing that he was not the sole deciding authority in the loan approval process.
Kapoor's legal team contended that the entire MCC, not just Kapoor individually, had collectively approved the loan in question. The court, taking into consideration the arguments presented, granted him bail as the trial in the current case was pending and his continued incarceration was deemed unnecessary. Co-accused individuals in the case, such as Avantha group's Gautam Thapar, had also been granted bail earlier without being arrested.