The Mumbai Special PMLA Court has granted bail to Yes Bank founder Rana Kapoor in a case related to alleged money laundering and anomalies in loans amounting to 200 crores of rupees.
The court’s decision has raised concerns about the delay in the CBI’s filing of the final report and the undertrial prisoner’s right to a speedy trial. The ruling by special judge MG Deshpande on Tuesday highlighted the seriousness of the matter.
Although Kapoor will remain in prison, there are currently several ongoing court cases. Rana Kapoor is registered with the Central Bureau of Investigation (CBI) and is being investigated by the Enforcement Directorate (ED) for allegations of money laundering in connection with six loans totaling 200 crores that Yes Bank provided to HDIL between 2011 and 2016 through M/s Mack Star Marketing Private Limited. These loans were granted to HDIL.
In March 2020, Rana was detained on suspicion of money laundering related to loans given to HDIL founders Rakesh Wadhawan and his son Sarang. Rana Kapoor was subsequently arrested in several other cases, including one involving Mack Star Marketing. The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) both lodged this case.
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Mack Star Marketing was a joint venture promoted by Ocean Deity Investments Holdings Limited (ODIL), a privately owned corporation registered under Mauritius laws and controlled by the Wadhawan family.