Court grants bail to former Yes Bank senior executive in fraud case

2 years ago 433

Varakh, the then-group enforcement vice-president of Yes Bank, was named arsenic an accused successful a supplementary charge-sheet filed by the probe bureau CBI.

A peculiar CBI tribunal present connected Wednesday granted bail to Mahesh Varakh, a erstwhile elder enforcement of Yes Bank, successful an alleged fraud lawsuit involving the slope and erstwhile backstage lodging concern steadfast DHFL.

Varakh, the then-group enforcement vice-president of Yes Bank, was named arsenic an accused successful a supplementary charge-sheet filed by the probe bureau CBI.

He had been denied bail erstwhile by peculiar justice S U Wadgaonkar.

However, the accused, done his lawyer Sandeep Karnik, moved different bail exertion aft the tribunal had framed charges against him.

“Since the complaint is framed against the accused it amounts to alteration successful circumstances. There are tenable grounds disposable to the accused for preferring 2nd bail application,” his caller plea stated.

It is alleged that Varakh, portion moving arsenic a elder enforcement astatine the backstage lender, was progressive successful “commission of transgression with fraudulent and dishonest volition to let to origin wrongful nonaccomplishment to the Yes Bank”.

The bank’s co-founder, Rana Kapoor, is 1 of the premier accused successful the case.

As per the Central Bureau of Investigation CBI), Kapoor, who is successful jailhouse successful a related lawsuit being probed by the Enforcement Directorate, entered into a transgression conspiracy with DHFL promoter Kapil Wadhawan.

The CBI has stated that betwixt April and June 2018, Yes Bank invested Rs 3,700 crore successful short-term debentures of Dewan Housing Finance Corporation Ltd (DHFL).

In return, DHFL’s Wadhawan allegedly “paid kickback of Rs 600 crore” to Kapoor successful the signifier of loans to DoIT Urban Ventures, a steadfast controlled by Kapoor’s woman and daughters, the cardinal bureau has claimed.

A fewer months ago, Piramal Enterprises Ltd (PEL) completed the acquisition of debt-ridden DHFL nether the Insolvency and Bankruptcy Code (IBC).

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