Kapoor, however, won't walk out of prison as he is accused in multiple cases, including alleged fraud at Yes Bank. He was granted bail by special PMLA judge M G Deshpande. A detailed order is not available yet
Image used for representational purpose. Pic/iStock
Kapoor, however, won't walk out of prison as he is accused in multiple cases, including alleged fraud at Yes Bank. He was granted bail by special PMLA judge M G Deshpande. A detailed order is not available yet.
Kapoor, 63, has been lodged in a Mumbai jail since March 2020 after he was arrested by the Enforcement Directorate in connection with alleged financial irregularities and purported kickbacks paid to him and his family members in return for certain dubious loans provided by Yes Bank to some high-profile borrowers.
The case, in which he was granted bail on Saturday pertains to Rs 200 crore loan granted to Mackstar Marketing Pvt Ltd by Yes Bank. Kapoor's role in the sanction of this loan is under the scanner.
Mackstar is a joint venture promoted by Ocean Deity Investments Holdings Ltd. (ODIL), a registered company under Mauritius law, and a private company owned by Rakesh Wadhwan and Sarang Wadhwan, promoters of Housing Development and Infrastructure Ltd. (HDIL).
The ED had claimed that through Mackstar, Wadhawans had obtained six loans worth Rs 200 crore, which were used to clear other liabilities and credit facilities obtained from Yes Bank.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.