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Rana Kapoor to get prosecuted after board approval

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The Yes Bank board has sanctioned the prosecution of former MD and CEO Rana Kapoor under the Prevention of Corruption Act (PCA).

 

This came after the Central Bureau of Investigation (CBI) sought the prosecution sanction, which notified a local magistrate’s court of the development and filed a supplementary chargesheet in the Yes Bank scam case earlier this week.

 

The special court forwarded the Yes Bank fraud case to a lower court for cognisance under sections pertaining to criminal conspiracy and cheating of the Indian Penal Code (IPC), which attract lesser sentence.

 

The CBI is investigating Kapoor and Dewan Housing Finance Corporation Ltd.’s (DHFL) promoters Kapil and Dheeraj Wadhawan in an alleged corruption case of more than Rs 600 crore.

 

 “During the course of the probe, it was found that Anand and another junior employee acted on the advice of Kapoor and overruled the recommendations given by the risk management committee against loans sanctioned to DHFL,” the official added.

 

In the meantime there is another development came where the CBI on Friday moved a plea before a special court in Mumbai seeking a production warrant of Rana Kapoor for custodial interrogation in connection with its case related to the Avantha group of companies

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