Yes Bank co-founder Rana Kapoor has been released on bail after a special court in Mumbai granted him relief from the Rs 466.51 crore bank fraud case, which was the last remaining case against him. He had been under arrest since March 2020 following allegations of receiving kickbacks in a money laundering case related to a significant loan provided by Dewan Housing Finance Limited to a company belonging to his family.
The final case for which Kapoor was granted bail involved accusations of obtaining illegal gratification in the form of a prime property in New Delhi at a cost significantly below market value from Avantha Realty. This case was linked to the allegations of Yes Bank providing concessions and relaxations to a real estate group, with Kapoor being accused of involvement in such practices.
Kapoor's lawyer, Rahul Agarwal, confirmed that Kapoor is in the process of completing the bail formalities and is likely to be released from Taloja central prison soon. The Securities and Exchange Board of India (Sebi) had previously ordered the defreezing of Kapoor's bank accounts, shares, and mutual fund holdings in October 2023, following a series of legal actions against Kapoor related to misselling of bonds and failure to pay fines imposed by the regulatory authorities.