Stay updated with breaking news from Avantha Realty. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The property belonging to Avantha Realty Ltd (ARL) was already mortgaged for a loan taken by the company from Yes Bank. It was purchased for Rs 378 crore -- against the market value of Rs 685 crore -- by Bliss Abode Private Limited, run by Rana Kapoor's wife Bindu Kapoor, in 2017.
The court also said last month, Chief Justice of India D Y Chandrachud had expressed concern about the reluctance of the district courts to grant bail.
A special CBI court granted bail to Yes Bank co-founder Rana Kapoor, criticizing the CBI for failing to start his trial promptly. The court argued that Kapoor's continued detention without trial, especially given his health issues and previous bail in other cases, would amount to a "pre-trial conviction." Kapoor, arrested in March 2020, was released from jail after bail in eight cases. The CBI had accused Kapoor of malpractices in loans to the Avantha Group and a property purchase at below-market rates.
The case relates to allegations that Kapoor obtained illegal gratification in the form of a prime property in New Delhi, belonging to Avantha Realty, at a value much less than the market price.
Rana Kapoor was arrested by the Enforcement Directorate (ED) in March 2020 in a money laundering case related to alleged fraudulent loans advanced to DHFL | Latest News India