
A Mumbai court granted bail to Rana Kapoor, Yes Bank’s co-founder, in a money-laundering case. But despite the good news, he won’t be leaving jail anytime soon due to another pending case.
Kapoor, the bank’s former head honcho, was arrested in 2020 by the Enforcement Directorate (ED) on suspicion of financial wrongdoing. His bail comes after 3.5 years behind bars, exceeding half the maximum sentence for the alleged offenses.
The judge acknowledged the slow progress in the case and the Supreme Court’s guidelines on speedy trials. He concluded that Kapoor met the criteria for bail under Section 436-A of the criminal code.
Kapoor’s lawyers highlighted his lack of interference in the case and pointed out that the investigation itself wasn’t delayed by his bail applications. The ED, however, painted him as a mastermind who raked in billions for himself and his loved ones through bribes, corruption, and money laundering. They claim he received hefty kickbacks on loans awarded to a certain construction company by Yes Bank.
The legal saga continues for Kapoor, who remains incarcerated for the time being, even with the recent bail grant.