Delhi HC seeks ED's response in former Yes Bank MD Rana Kapoor's bail plea

A day after Yes Bank promoter Rana Kapoor moved a bail petition in connection to the money laundering case against him, the Delhi High Court has issued a notice to the Enforcement Directorate regarding the same and further sought the response of the financial probe agency which has been investigating the Rs 466.51 crore money laundering case. 

The bench of Justice MK Ohri which was hearing the petitioner has further slated the matter for the next hearing on March 11, 2022. The petition came after the trial court had refused to grant bail to Kapoor which had also earlier dismissed the bail petition of businessman Gautam Thapar, promoter of Avantha Group and a co-accused in the case. Presently, the bail plea of Thapar is being examined by the Delhi High Court, while he continues to remains in judicial custody after being arrested by the Enforcement Directorate in August 2021. 

Notably, advocates Siddharth Aggarwal and Stuti Gujral were present on the behalf of Rana Kapoor, while advocate Amik Mahajan appeared on the behalf of the enforcement directorate on Wednesday. 

Yes Bank money laundering case

The matter pertains to a money laundering case related to the wrongful transaction of Rs 466.51 crores of the bank behind which the then CEO Rana Kapoor and Gautam Thapar were said to be the masterminds. 

A charge sheet was filed by the enforcement directorate last year Avantha Group promoter Gautam Thapar followed by Yes Bank former MD and CEO Rana Kapoor, and other employees in connection to the money laundering case. Following this, the trial court also took cognizance in the case in October last year and further said that there are sufficient grounds to proceed against that accused people in the present complaint. 

Reportedly, an FIR has also been registered against Gautam Thapar, Avantha Realty Ltd, Oyster Buildwell Pvt Ltd, and others alleging criminal breach of trust, cheating, criminal conspiracy, and forgery for diversion or misappropriation of public money during the period between 2017-2019.

Speaking about this case, the ED had already informed Delhi High Court that their investigation has revealed approximately Rs 500.11 crores proceeds of crime which were laundered through Oyster Buildwell Pvt Ltd (OBPL), Jhabua Power Limited (JPL), Jhabua Power Investment Ltd. (JPIL), Avantha Power and Infrastructure Ltd (APIL), Avantha Realty Ltd (ARL), etc and are being controlled or beneficially owned directly or indirectly by Gautam Thapar. 

With ANI inputs, Image: PTI/Shutterstock