Yes Bank Founder Rana Kapoor's Wife, Daughters Denied Bail In Corruption Case By CBI

Yes Bank Case: The three had approached the high court last week, challenging a special CBI court order of September 18 which refused them bail while noting that they had, prima facie, caused a loss of Rs 4,000 crore to the Yes Bank through illegal acts.

Yes Bank Founder Rana Kapoor's Wife, Daughters Denied Bail In Corruption Case By CBI

High Court refused to grant bail to Yes Bank founder Rana Kapoor's wife, daughters in a corruption case

Mumbai:

The Bombay High Court on Tuesday refused bail to Yes Bank founder Rana Kapoor's wife Bindu and daughters Roshini and Radha Kapoor in a case involving home finance firm DHFL, noting that the offenses they were accused of made a "serious dent" to the country's "financial health".

Justice Bharati Dangre also rejected the bail plea of Rajiv Anand, group president and business head of Yes Bank, who is a co-accused in the case.

"...it is apparent that all the applicants are alleged to have indulged in the commission of offenses which have resulted in serious dent to the financial health of the State as well as defrauding (of) the public at large," the court said in the order.

"Such offenses are occurring in plenty and have resulted in stultifying the overall growth of the nation and also have caused tremendous impairment to the economy of the nation. These crimes are more heinous in nature as they destroy the economic fabric and financial edifice of the State," it added.

Such crimes have the tendency to degrade the public's faith in the law and order situation as it is tantamount to a serious blow to its economic and financial condition, the high court added.

Bindu Kapoor and her daughters approached the high court last week challenging a special CBI court's order of September 18 refusing them bail. The CBI court had noted that on the face of it, a loss of Rs 4,000 crore was caused to Yes Bank through the alleged illegal acts.

After the three women appeared before the lower court in response to summons, they were remanded in 14-day judicial custody. The CBI court also said they did not deserve any sympathy for being women.

It also rejected Rajiv Anand's bail plea and remanded him in judicial custody.

Justice Dangre in the order on Tuesday noted that in the cases where offenses are grave, heinous, barbaric, seditious or aimed at damaging the financial health of the state, a court is expected to take these circumstances into consideration while deciding bail applications.

"Arrest can become necessary if the offense is of grave nature and there is likelihood of the offender absconding or fleeing away from justice," the high court order said.

The bail applications of Bindu Kapoor and her daughter took objection to the CBI court's observation that the accusations on the face of it showed their complicity in receiving loans as a quid-pro-quo for favours shown by Yes Bank to DHFL.

They were on bail when the case was being probed and had cooperated with the Central probe agency, the applications said.

Justice Dangre, however, refused to accept this argument. The situation during the investigation stage need not continue throughout and in particular when the offense, as per the charge sheet, is a "grave economic offense", she said.

The Central Bureau of Investigation had said there was nothing wrong with the special court's order denying them bail, and it was merely securing the presence of the accused for the trial.

According to the CBI, Rana Kapoor, who is presently in jail in connection with a related case being probed by the Enforcement Directorate, entered into a criminal conspiracy with DHFL's Kapil Wadhawan.

Between April and June 2018, Yes Bank invested Rs 3,700 crore in short-term debentures of DHFL, and in return, DHFL allegedly paid a kickback of Rs 900 crore to Rana Kapoor in the form of loans to DoIT Urban Ventures, a firm controlled by Rana Kapoor's wife and daughters, the CBI claimed.
 

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