Yes Bank Fraud Case: Bombay HC grants bail to Kapil and Dheeraj Wadhawan

Accused of money laundering in multi-crore Yes Bank scam, Bombay High Court, on Thursday, granted bail to Kapil and Dheeraj Whawan. Justice Bharati Dangre granted DHFL promoters bail as Enforcement Directorate failed to file a charge sheet within stipulated 60-day period. court has directed Whawan brors to deposit Rs 1 lakh and surrender ir passports. 

Whawans were arrested on May 14

Despite bail granted by Bombay HC, duo will continue to remain in jail as y have been booked by CBI as well in same case. Kapil and Dheeraj Whawan were arrested by ED on May 14 on money laundering charges. According to sources, ED has also attached properties of duo worth Rs 1400 crores. attached properties include 12 apartments and land in Pune, properties in Australia, New York, and London, as per sources. 

RE | Yes Bank Case: ED Attaches Properties Of Rana Kapoor, Kapil & Dhiraj Whawan Worth Crores

Previously, Supreme Court h also dismissed anticipatory bail pleas of DHFL promoters Dheeraj Whawan and Kapil Whawan in same case. 

Yes Bank crisis

Yes Bank started facing a crisis as it accumulated many b loans in 2018 by lending to corporate defaulters such as DHFL, Jet Airways, and Cafe Coffee day, among ors. Moreover, when RBI refused to extend term of founder Rana Kapoor as chief executive in 2018, its manment was severely hit with his successor Ravneet Gill managing to raise only one round of funds through a share sale to institutional investors. Currently, CBI and ED have been investigating several investors who h received loans from Rana Kapoor. Meanwhile, Yes Bank has been restructured by RBI with SBI as a major stakeholder at 48.21%.

RE | Yes Bank Scam: Court Rejects Bail Pleas Of Whawan Brors