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Mumbai Court Denies Interim Bail to Yes Bank Founder Rana Kapoor

A court in Mumbai on Friday, 3 April, rejected an interim bail plea of Yes Bank founder Rana Kapoor, who is currently in judicial custody in connection with a money laundering case registered by the Enforcement Directorate.

Rana had sought bail claiming that his medical condition makes him vulnerable to contracting coronavirus infection.

In the application filed through his lawyer Subhash Jadhav, Rana said he was suffering from "chronic immunodeficiency syndrome" which causes recurrent lung, sinus and skin infections.

Also Read: Yes Bank: ED Books Rana Kapoor in Fresh Money Laundering Case

He also claimed to be suffering form "severe hypertension, anxiety and depression", and this, combined with his history of bronchial asthma since childhood which requires inhalers puts him at a high risk of severe lung infection which can lead to death, the bail plea said.

Coronavirus is more dangerous for someone who is above sixty, has low immunity and long-standing respiratory problem, the bail plea said.

Case at Initial Stage: Gonsalves

Opposing grant of temporary bail to him, special public prosecutor Sunil Gonsalves submitted that the investigation in the case was at an initial stage.

Kapoor was not suffering from any life-threatening disease or disorder, and jail doctors can look after his health, the prosecution added.

The judge accepted the ED’s arguments and rejected Kapoor’s bail application after perusing his medical records.

Prison authorities can take care of him if there was any emergency related to coronavirus, the judge said.

Kapoor (62), was arrested by the ED under the Prevention of Money Laundering Act (PMLA) last month.

According to the central agency, loans of Rs 30,000 crore were given by Yes Bank when Kapoor was at its helm, and of these, advances of Rs 20,000 crore became bad loans.

Kapoor, his family members and others got benefits worth Rs 4,300 crore through companies controlled by his family as kickbacks for sanctioning huge loans, the ED said.

He is also accused of receiving bribes for going easy on loans given to a few big corporate groups that had turned into non-performing assets (NPAs).

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