In a case involving allegations of money laundering, the Mumbai Special Prevent and Control Money Laundering Court (PMLA) decided to release Yes Bank founder Rana Kapoor on bail. This is in regard to anomalies in loans totaling 200 crores of rupees.
“Is it legally possible to enable the CBI to take seven years to file the final report without providing any kind of progress report and to postpone the right of an undertrial prisoner to have a speedy trial until after that period of time has passed,” The ruling that the special judge MG Deshpande issued on Tuesday referred to the gravity of the situation.
Despite the fact that Kapoor will stay incarcerated, a number of other cases are now being heard in court. He is registered with the Central Bureau of Investigation (CBI), and the Enforcement Directorate (ED) is conducting an investigation into allegations that Kapoor engaged in money laundering in connection with six loans totaling 200 crores that Yes Bank provided to HDIL between 2011 and 2016 via M/s Mack Star Marketing Private Limited. These loans were given to HDIL.
In March of 2020, Rana was taken into custody for the first time on suspicion of money laundering in connection with loans provided to HDIL founders Rakesh Wadhawan and his son Sarang. Later, Kapoor was arrested in numerous additional instances, including the one involving Mack Star Marketing, which was lodged by both the CBI and the ED.
Mack Star Marketing was a joint venture that was marketed by Ocean Deity Investments Holdings Limited (ODIL), which is a private corporation that is also a registered company under the laws of Mauritius and is controlled by the Wadhawan family.