Rana Kapoor walks out of jail after Mumbai court grants bail in CBI case

A Mumbai court on Friday granted bail to Yes Bank founder Rana Kapoor in ₹400 crore bank fraud case related to Avantha Realty which was registered by the Central Bureau of Investigation (CBI)..Kapoor was released from Taloja Central Prison today following this order after having spent over 4 years in jail since his arrest in March 2020..Special judge MG Deshpande pronounced the order today on Kapoor’s bail application.The judge observed that there is no likelihood of commencing and concluding of the trials within 3-4 years and hence the total period of over 4 years could not be disregarded.“In the instant case, the Kapoor endured incarceration for 2 years and 7 months (31 months), and in total, he has spent 4 years and 1 month in custody for other cases, wherein there was no trial. This significant period of time itself warrants his release on bail, especially when a timely trial in the instant case, as discussed above, is not feasible”, the court said..Kapoor was booked by the CBI for misappropriation of loan amounts through Bliss Abode Pvt Ltd, a Delhi-based company, with the intention of taking over a prime property in New Delhi. He filed for bail claiming that the allegations in the chargesheet did not prima facie reveal his role in the case and no offence was made out against him. After hearing both parties at length, the special CBI judge pronounced the order granting bail today..The special judge observed that the accused charged with offences of Prevention of Corruption Act like Kapoor were granted bail immediately. This along is sufficient to grant bail to Kapoor.The court also noted that Kapoor was granted bail in several other cases including those under the more stringent Prevention of Money Laundering act (PMLA).In the present case, chargesheet was filed, so there was no apprehension of tampering with evidence and witnesses. Additionally because of the 4 year long incarceration, there was no question of threatening prosecution witnesses.“Additionally, considering the responsibility towards his unmarried daughter and wife, there is no likelihood that he would leave India and thus pose a flight risk. With the imposition of certain conditions on him, even this apprehension can be safeguarded”, the court said..Kapoor was arrested on March 8, 2020, by the Enforcement Directorate (ED) on allegations that he gained kickbacks amounting to ₹600 crores through a company linked to his family. This was in return for loans that Yes Bank allegedly gave to the infrastructure company, Dewan Housing Finance Limited (DHFL)..He was granted bail in the money laundering case in December 2023.However, he could not be released since he was in prison for other cases as well.He was also granted by Delhi court in 2022 in a case linked to Avantha Realty.The present CBI case was the last pending case in which Kapoor got bail today. Consequently, he was released from jail. .Senior advocate Aabad Ponda with advocates Rahul Agarwal and Jasmin Purani from Agarwal and Dhanuka Legal Advocates appeared for Kapoor.Advocate Sunil Gonsalves appeared for CBI.[Read order]