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Mumbai: CBI to arrest Yes Bank founder Rana Kapoor in money laundering case on Sunday

Officials of the CBI will arrest him on Sunday by taking his custody from Taloja central prison where he is lodged in an alleged money laundering case related to infrastructure company Dewan Housing Finance Limited since March last year.

By: Express News Service | Mumbai |
Updated: August 14, 2021 9:55:18 pm
Yes Bank founder Rana Kapoor being taken to court in Mumbai. (Express Photo: Nirmal Harindran, File)

A special court on Saturday allowed the CBI’s plea that sought seven days of custody of Yes Bank founder Rana Kapoor in connection with an alleged cheating case related to a loan transaction with the Avantha Group.

Officials of the CBI will arrest him on Sunday by taking his custody from Taloja central prison where he is lodged in an alleged money laundering case related to infrastructure company Dewan Housing Finance Limited since March last year.

The court directed that Kapoor can be sent to CBI’s custody till August 21.

Earlier this week, the CBI had sought a production warrant against Kapoor, seeking his custody for seven days. Kapoor’s arrest relates to a complaint filed by the CBI’s Anti-Corruption Bureau, which claims that he and others entered into a criminal conspiracy for illegal gratification by acquiring a prime location plot situated in Delhi at the price of Rs 378 crore against the declared value of Rs 685 crore.

The CBI claims that this was done in the name of Kapoor’s wife Bindu in lieu of favours extended by Yes Bank to Avantha Group of Companies in form of various credit facilities to the tune of Rs 1,165 crore, which it was not entitled to.

Kapoor’s lawyers had called the CBI plea untenable, stating that while the complaint was filed in March last year, no steps were taken to take his custody so far. It was also submitted that since Kapoor is already in judicial custody in another case, the CBI can access him in jail and interrogate him there.

It was also submitted that there can be no apprehension of him hampering the probe or tampering with evidence since he is already behind bars. It was also submitted that the maximum punishment as per the sections invoked against him is seven years so he is entitled to legal relief.

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