Yes Bank Co-founder Rana Kapoor Granted Bail in Avantha Case after Over Four Years of Incarceration

In a significant development, Rana Kapoor, co-founder of Yes Bank, was granted bail by Special Trial Judge M G Deshpande of a sessions court in the Avantha case, marking the conclusion of over four years of undertrial incarceration. Kapoor walked out of Taloja Central Prison after executing a personal bond of Rs 2 lakh and fulfilling other conditions stipulated by the court.

The Avantha case stemmed from allegations by the Central Bureau of Investigation (CBI) that Kapoor misappropriated loan funds amounting to Rs 400 crore by acquiring a lavish bungalow on New Delhi’s Amrita Shergil Marg at a substantially lower price than its market value. The CBI contended that Kapoor, during his tenure as the managing director and CEO of Yes Bank, obtained illegal gratification in the form of the aforementioned property in exchange for extending concessions, relaxations, and waivers in credit facilities to the real estate group, Avantha Realty.

Advocate Rahul Agarwal, representing Rana Kapoor, confirmed his client's release from Taloja jail after the completion of release formalities. The case, registered in March 2020, also implicated Kapoor's wife, Bindu, Avantha Group promoter Gautam Thapar, Bliss Abode Pvt Ltd, and others. The CBI alleged that Kapoor misused his official position to secure the prime property at Amrita Shergil Marg, which belonged to a mortgage with Yes Bank, at a price significantly below its market value.

Kapoor's release marks a significant development in the legal saga surrounding the allegations against him, with this being the last of the eight cases he was booked under. The granting of bail in the Avantha case follows similar decisions by other courts in the previous seven cases. The legal proceedings in this high-profile case have garnered widespread attention due to its implications for corporate governance and financial transparency.

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