Yes Bank co-founder Rana Kapoor was on Wednesday granted bail by a special Prevention of Money Laundering Act (PMLA) court in a money laundering case.
The suit pertains to irregularities in a loan disbursed to Housing Development and Infrastructure Limited (HDIL) to the tune of Rs 900 crore. Kapoor will not be released from jail despite the special court’s decision as he is still awaiting bail in three other cases. He is currently lodged in Mumbai’s Taloja Jail.
In January 2021, Rana Kapoor was held by the Enforcement Directorate in connection with the Mack Star Group-PMC Bank fraud probe. The prime suspects in the PMC Bank scam case are HDIL promoters Sarang and Rakesh Wadhawan. As per reports, HDIL had stake in Mack Star Group and had borrowed money from Yes Bank without the knowledge of other Mack Star shareholders.
Read also: Yes Bank’s Rana Kapoor, DHFL’s Wadhawans laundered Rs 5,050 cr money: ED
The ED said it is probing allegations that the Wadhawan family “shamed” a loan of Rs 200 crore from Yes Bank to Mac Star Marketing Pvt Ltd. The loan was obtained for the repair of a newly constructed building owned by Mac Sir Company. The loan itself was of doubtful nature as it was borrowed for the purpose of repair and renovation of the building.
In a separate money laundering case involving Dewan Housing Finance Ltd (DHFL), in which Rs. 466.51 crore, Kapoor was granted bail in November last year. In this specific case, the federal agency said that DHFL owners Kapil and Dheeraj Wadhawan as well as former Yes Bank CEO Kapil Wadhawan siphoned off Rs 5,050 crore through suspicious transactions.
Reports say that Kapoor’s investigation began when the CBI registered an FIR under the Prevention of Corruption Act in September 2020. In October 2020, the ED complained about this crime.