Yes Bank Scam: Yes Bank’s Rana Kapoor granted bail, accused of Rs 466 crore embezzlement

New Delhi: Yes Bank co-founder Rana Kapoor has been granted bail by the Delhi High Court. He was arrested by the ED in a financial misappropriation case of Rs 466.51 crore. Rana Kapoor was arrested under the PMLA Act. Now they have been granted bail. Earlier, Rana Kapoor was granted conditional bail in a fraud case related to the sale of a property in Delhi. Now he has been granted bail in the financial misappropriation case and his way out of jail is clear. 

Rana Kapoor, the co-founder of the bank was arrested due to the scam related to Yes Bank. After that his wife Bindu along with two daughters Roshni and Radha were also arrested. In this case, the CBI had filed a charge sheet against Rana Kapoor and Avanta Group promoter Gautam Thapar in the case of embezzlement of Rs 466.51 crore. 

The Reserve Bank had imposed restrictions on Yes Bank due to financial irregularities and unaccounted loan disbursements. But then gradually it was relaxed and the operations of Yes Bank were restored.  

What are the allegations? 

When Rana Kapoor was the CEO of Yes Bank, about 30 thousand crores of loans were disbursed. Out of this, 20 thousand crores of loans have been claimed by the investigating agency as bogus. At the same time, it is also revealed that he has sanctioned loans of around Rs 202.10 crore to some companies that have declared bankruptcy. HDIL company is also involved.

The CBI has registered a case against DHFL’s Kapil Wadhawan and Dhiraj Wadhawan on charges of embezzlement of government subsidies. These people opened a fake branch of DHFL in Bandra, Mumbai and through it created fake loan accounts of Pradhan Mantri Awas Yojana worth Rs 14,046 crore. The customers in whose names the accounts were drawn had already paid their dues. These accounts were entered into the database. 

Kapil Wadhawan and Dhiraj Wadhawan are already in jail on money laundering charges related to the Yes Bank scam. Now he has been accused of creating fake accounts to evade Rs 1,887 crore subsidy through Pradhan Mantri Awas Yojana. 

 

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