CBI plea for formal arrest of Yes Bank’s Rana Kapoor allowed

A special court on Monday allowed an application by Central Bureau of Investigation (CBI) seeking a production warrant against Yes Bank founder Rana Kapoor. The CBI made the plea in connection with the cheating case related to a loan transaction with Avantha Group.

The central agency will produce Kapoor before the court and formally arrest him to seek his custody in the case. Kapoor is currently lodged in Taloja central jail in connection with another case related to a loan transaction with infrastructure company Dewan Housing Finance Limited. He was arrested on March 8 last year and has remained in custody since.

The CBI, in its FIR, claimed that a property in Delhi, worth Rs 685 crore, was fraudulently purchased by Kapoor’s wife Bindu at a much lower price from Avantha Group, while Yes Bank loaned Rs 2,500 crore to the company.