Observing that the trio is involved in wrongful loss of public money worth Rs 4,000 crore, which pertains to the public at large including poor bank depositors and shareholders, Judge SU Vadgaonkar observed, “… In view of the nature and in the larger interest of the society, the accused/applicant are involved in wrongful damage to public money amounting to Rs 4,000 crore. Accordingly, the applicant (bail petition) deserves to be dismissed.”
The trio will be kept in Mumbai’s Byculla district jail, which is meant for undertrial women prisoners and convicts.
The court further observed that the accused show connivance with co-accused Rana Kapoor and are the beneficiaries of the fraudulent and dishonest amount received by Kapoor. “…they have fraudulently and dishonestly received Rs 300 crore, Rs 300 crore and Rs 600 crore of pending corporate loans, hence the actual beneficiary of the said amount,” the order accessed by ET states.
The court also rejected the submission of defense counsel, advocate Vijay Aggarwal, that they should be granted bail on the ground that they are women. “..The applicant is involved in a serious offense affecting the economy of the country and continues to receive the benefit of the offense committed by him, being the mother of women or young children is not entitled to any indulgence and sympathy .
Last month, the CBI had filed a supplementary charge sheet against Kapoor, his family members and four former junior employees of the bank in a corruption case related to loans given to the now bankrupt financial firm. DHFL. The accused were summoned and the matter was to be heard on Saturday.
According to the CBI’s first chargesheet filed last year, in June 2018, Kapoor, who heads the management credit committee of Yes Bank, had sanctioned a loan of Rs 750 crore on an application by DHFL’s promoters, Dheeraj Wadhawan and his brother Kapil Wadhawan. Name of Belief Realtors Pvt Ltd for development of Bandra Reclamation Project. The amount was given to RKW Developers, a company controlled by Dheeraj Wadhawan, though the bank’s risk management team had pointed out several more serious issues in the proposal.
The agency’s investigation revealed that the loan of Rs 750 crore was not utilized for the alleged purpose.
Simultaneously, Kapil Wadhawan is said to have paid Rs 600 crore to Kapoor and his family members in the guise of builder loan from DHFL to DoIT Urban Ventures (India) Private Limited (DUVPL). Rana Kapoor’s youngest daughter Roshni Kapoor is one of the directors of DUVPL.
An amount of Rs 632 crore was transferred to RKW Developers after deducting processing fee. In November 2015, this amount was remitted to Wadhawan-KYTAAdvisors and other entities controlled by RIP Developers to settle the loan received from DHFL for the same Bandra reclamation project.