CBI Granted Permission to Interrogate Yes Bank's Rana Kapoor in Loan Fraud Case

A Mumbai court has authorized the CBI to interrogate Yes Bank's ex-MD and CEO, Rana Kapoor, concerning a substantial loan issued to Ezeego One Travels and Tours Limited (EOTTL). Kapoor, currently in custody due to money laundering charges, faces scrutiny over a loan granted during his tenure.

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In a significant legal move, a Mumbai court has given the green light for the Central Bureau of Investigation (CBI) to question Rana Kapoor, the former Managing Director (MD) and Chief Executive Officer (CEO) of Yes Bank. Kapoor, who is presently in judicial custody following his arrest by the Enforcement Directorate (ED) in connection to a money laundering case, is being probed for his involvement in a loan extended to Ezeego One Travels and Tours Limited (EOTTL), a company associated with Cox & Kings.

The CBI, during a hearing before additional sessions judge BD Shelke, expressed its intent to interrogate Kapoor regarding the EOTTL loan, which came under scrutiny in October 2020 following a complaint lodged by Yes Bank. Special Public Prosecutor Ashish Bilgaiyan highlighted Kapoor's alleged "criminal complicity" in approving a Rs 1060 crore loan to EOTTL, despite the company's weak financial status.

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The investigation revealed Kapoor's purported misuse of authority by directing the approval of a Rs 350 crore short-term loan to EOTTL without additional collateral. The agency emphasized Kapoor's continuous approval of loans to EOTTL despite indications of financial strain within the Cox & Kings conglomerate.

The court acceded to CBI's request, instructing the jail superintendent to allow CBI inspector Sarvjeet Mor and his team to question Kapoor. Furthermore, the court-mandated video and audio recordings of the interrogation proceedings.

This legal development marks a crucial step in the ongoing investigation into the alleged financial irregularities during Kapoor's tenure at Yes Bank.