Yes Bank scam: CBI court grants interim bail relief to Rana Kapoor's wife & daughter

Yes Bank founder Rana Kapoor's wife and daughter were granted interim bail by a special Central Bureau of Investigation (CBI) court on Saturday. The mother-daughter duo were named as accused in a supplementary charge sheet filed by the CBI in connection with the fraud case related to the financially distressed bank. Although Kapoor's wife Bindu and daughter Radha were never arrested by the CBI, they moved bail applications before the special court represented by advocate Vijay Agarwal and Rahul Agarwal. 

The matter was brought up for hearing before special judge SU Wadgaonkar on September 4. The defence contended that the arrests of Bindu Kapoor and Radha Kapoor were not required since the CBI had filed a charge sheet without arresting them during the probe. After hearing the arguments, the special CBI court granted interim bail to the two accused. The court also issued notice to the probe agencies and will hear the matter next on September 20.

The investigation body has alleged that Kapoor's family received kickbacks to the tune of Rs 3,700 crore for Yes Bank's investments. According to the CBI, that Dewan Housing Finance Corporation Limited (DHFL) gave a bribe of Rs 600 crore in the form of loans to a firm controlled by Rana Kapoor's wife and daughter.

Yes Bank scam

Rana Kapoor was arrested by the ED on March 8, 2020, after 30 hours of questioning. The ED has alleged that Kapoor misused his position as the Chief Executive Officer (CEO) of Yes Bank to benefit his daughters' companies. According to the agency, loans worth Rs.30,000 crore were given by Yes Bank when he was at the helm of affairs. Out of these, advances of Rs. 20,000 crore became NPAs (non-performing assets). The ED maintained Rana Kapoor's family members were associated with 78 companies that were allegedly used for the movement of money. He is currently under judicial custody.