Yes Bank Case: Bombay HC Denies Bail To Bank Founder Rana Kapoor's Wife, Daughters

Yes Bank Case: Yes Bank founder Rana Kapoor's wife and two daughters were refused bail by the Bombay High Court today.

Last week, the High court was approached by the three, challenging the special Central Bureau of Investigation (CBI) order rejecting their bail applications. It noted that the three had caused losses of Rs 4,000 crores to Yes Bank, through corrupt and illegal acts.

Yes Bank founder Rana Kapoor, his wife Bindu, and daughters Roshni and Radha were all allegedly involved in the cheating and corruption case involving private sector lender Dewan Housing Finance Corporation Ltd (DHFL).

#BombayHighCourt has rejected pleas filed by Yes Bank founder Rana Kapoor's wife, Bindu Kapoor and daughters, Roshini and Radha Kapoor seeking bail in the corruption cases related to DHFL scam. pic.twitter.com/wpdB3MO8j6

— Bar & Bench (@barandbench) September 28, 2021

A single bench of Justice Bharati Dangre rejected their bail applications. The lower court remanded them in 14-day judicial custody. All three women are currently lodged at the Byculla Women’s prison, Mumbai.

According to the NDTV report, the three stated in their bail pleas, filed in the court, that the special CBI court had ‘gravely erred’ in observing that the accusations against them prima facie show complicity in having co-fraudulently and dishonestly received loans as quid pro quo for the favour shown by the Yes Bank to DHFL.

The Central Bureau of investigation then stated in reply, opposing their pleas, that there was nothing wrong with the special court’s order and that it was merely securing the presence of the three accused for the purpose of trial.

The CBI’s case against Rana Kapoor, who is currently in jail, is in relation to a case being probed by the Enforcement Directorate. It is alleged that he had entered into a criminal conspiracy with Kapil Wadhawan of DHFL.

According to the CBI, between April and June of 2018, Yes Bank invested Rs 3,700 crores in short term debentures of DHFL. It alleges that DHFL then paid a kickback of Rs 900 crores to Rana Kapoor in the form of loans to a firm controlled by Rana Kapoor’s wife and daughters, DOIT Urban Ventures.

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