Rana Kapoor gets bail in 946cr Yes Bank loan fraud case

Mumbai: Observing that nothing has been placed on record by the CBI to show that their release would cause hindrance to the progress of the trial, a special CBI court on Wednesday granted bail to Yes Bank founder Rana Kapoor and others in a Rs 946.44 crore loan fraud case. Rana and others granted bail were not formally arrested in the case. They moved the pleas after a chargesheet was recently filed against them. "... Nothing has been placed on record by the CBI to show that the custody of the applicant is necessary during the course of the trial," the judge said in Rana Kapoor's bail order. It is the proscription that EOTTL (Ezeego One Travel And Tours Limited) defrauded Yes Bank Ltd to the tune of Rs 946.44 crore by way of cheating, forgery, and diversion of funds in connivance with unknown bank officials. It is also alleged that the accused company submitted forged documents and diverted the funds advanced by the bank for the implementation of Enterprise Resource Planning (ERP), takeover of Axis Bank Facility, and business advances towards other purposes, and misused the funds. tnn