Yes Bank founder Rana Kapoor gets bail in money laundering case involving HDIL

Yes Bank founder Rana Kapoor has been granted bail by a special Prevention of Money Laundering Act (PMLA) court in a money laundering case, the news agency ANI reported on Wednesday. The case was pertaining to irregularities worth Rs 900 crore in a loan given to Housing Development and Infrastructure Limited (HDIL). Kapoor has several other cases pending in court, as a result of which he would continue to remain in jail. He is currently lodged at Mumbai's Taloja jail.

In January 2021, the Enforcement Directorate (ED) arrested Kapoor in the Mack Star Group-PMC Bank scam case. HDIL promoters Sarang and Rakesh Wadhawan are the prime accused in the PMC bank scam case. HDIL was a stake in Mack Star Group and had borrowed a loan from Yes Bank without the knowledge of the other stakeholder in Mack Star, according to India Today.

The ED said it was probing an instance where the Wadhawans allegedly "siphoned off" Rs 200 crore loan sanctioned by Yes Bank to Mack Star Marketing Pvt Ltd. The loan was borrowed in name of refurbishment of a newly constructed building of Mack Sar group. The loan itself was suspicious in nature as it was borrowed for the purpose of repairs and refurbishment of the building.

In November last year, Kapoor got bail in another Rs 466.51 crore money laundering case involving Dewan Housing Finance Limited (DHFL). In this case, the central agency alleged that the former Yes Bank CEO and DHFL promoters Kapil and Dheeraj Wadhawan siphoned off funds worth Rs 5,050 crore through suspicious transactions.