Mumbai: The Bombay High Court on Thursday dismissed bail plea of Yes Bank founder Rana Kapoor in an alleged money laundering case related to Yes Bank-DHFL, observing that the “gravity of accusations in the present case cannot be brushed aside”. This is Kapoor’s second bail plea rejected by the HC. Previous bail plea was rejected on January 25, 2021.
Justice PD Naik, while rejecting Kapoor’s bail, observed, “No doubt Hon’ble Supreme Court and this court in several cases granted bail to the accused on the ground of long incarceration. However, the gravity of accusations in the present case cannot be brushed aside.”
Here is what court said while deciding bail plea
Justice Naik noted that the court has to keep in mind the “nature of accusations, the nature of evidence in support thereof, the severity of punishment which conviction will entail the character of the accused, circumstances which are peculiar to the accused” while deciding the bail plea.
The court also has to factor a “reasonable possibility” of securing the accused’s presence for the trial and reasonable apprehension of the witness being tampered with in the larger interests of the public, the court said. “It is also pertinent to note that the applicant is involved in seven other similar cases,” Justice Naik added.
Kapoor had sought bail from 2020
Kapoor had sought bail on the ground that he is in custody from March 8, 2020 and there is no progress in the trial. The maximum sentence which can be imposed is up to seven years.
The Enforcement Directorate (ED), in its reply, stated that it is taking all necessary steps towards completion of investigation. It said that the predicate case, registered by the Central Bureau of Investigation (CBI) on March 7, 2020, has now been transferred to the Special PMLA court and the special court will initiate proceedings for framing of charges.
The prosecution case is that Kapoor entered into criminal conspiracy with Dheeraj Wadhawan and Kapil Wadhawan of DHFL as well as others and extended undue financial benefit to M/s DHFL and in return got undue financial benefits from Wadhawans.
During April 2018 and June 2018, Kapoor through M/s Yes Bank Limited invested ₹3,700 crore in short-term non-convertible debentures of DHFL. Kapil Wadhawan through DHFL allegedly paid kickback of ₹600 crore in the garb of loan to applicant’s beneficially owned companies. Applicant is one of the main accused in the complaint.
