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Yes Bank Fraud Case: HC Grants Default Bail to The Wadhawans

Yes Bank Fraud Case

Yes Bank Fraud Case, the Justice Bharti Dangre granted this bail as the accuser, the Enforcement Directorate(ED) failed to file the charge sheet within the period prescribed by Section 167 of the Criminal Procedure Code. Justice Dangre also Stated that the apex court has recently held no court extend this period. Therefore, after the custody period of 60 days was over, the Wadhawan brothers were required to set free.

The ED could not file its charge sheet within the specified period of 60 days as the brothers were arrested on May 14, May, by the ED for their connection in the Yes Bank Fraud case. However, the charge sheet was filed by the ED on July 15. The ED also filed its charge sheet against the Yes Bank founder Rana Kapoor, his wife Bindu Kapoor, daughters Roshni and Rekha, and their CA firm Dularesh Jain and Associate (1).

However, the brothers will not be able to leave the jail as the Central Bureau of Investigation (CBI) already booked them for the same case. Although, the court directed the Wadhawan brothers to deposit the amount of Rs. One lakh each as surety and surrender their passports.

ED Proceedings for the Yes Bank Fraud case

The Enforcement Directorate would prefer to test the view of the high court before the Supreme court. Justice Dangre refused to accept this request as once the right of default bail is due, the accused cannot be kept in for custody even for a day after that.

The ED had begun proceedings in the Yes Bank Fraud case after CBI registered an FIR on March 7 against Rana Kapoor and his family members under provisions of the Prevention of Corruption Act, 1988.

The Yes Bank Fraud is about suspicious trade between Rana Kapoor and Wadhawans with an investment of 3,700 crores INR by Yes Bank in short term non-convertible debenture of DHFL back in mid-2018. Kapoor allegedly received 600 crores INR as kickbacks from DHFL in term of the loan.