{"id":9023,"date":"2021-12-16T09:14:00","date_gmt":"2021-12-16T03:44:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/mh-court-yes-bank-bail\/"},"modified":"2021-12-16T13:38:58","modified_gmt":"2021-12-16T08:08:58","slug":"mh-court-yes-bank-bail","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/mh-court-yes-bank-bail\/","title":{"rendered":"Court grants bail to former Yes Bank senior executive in fraud case"},"content":{"rendered":"<ul class=\"wp-block-list\"><li><b>Mahesh Varakh, a former senior executive of Yes bank was granted bail.<\/b><\/li><li><b>He was involved in a crime involving wrongful loss to Yes Bank.<\/b><\/li><li><b>Yes Bank\u2019s co-founder, Rana Kapoor, was one of the prime accused in this case.<\/b><\/li><li><b>The bank had invested in short term debentures of DHFL, which was later acquired by Piramal Enterprises Ltd.<\/b><\/li><\/ul><div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3041814333\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p><span style=\"font-weight: 400;\">Mahesh Varakh, a former senior executive of Yes Bank, in an alleged fraud case involving the bank and erstwhile private housing finance firm DHFL was granted bail by a special CBI court in Mumbai, on Wednesday.<\/span><\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2949665331\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p><span style=\"font-weight: 400;\">Varakh, the then-group executive vice-president of Yes Bank, had been denied bail once by special judge S U Wadgaonkar. He was named as an accused in a supplementary charge sheet filed by the probe agency CBI. Through his lawyer Sandeep Karnik, he moved another bail application after the court had framed charges against him.<\/span><\/p><p><span style=\"font-weight: 400;\">\u201cSince the charge is framed against the accused it amounts to change in circumstances. There are reasonable grounds available to the accused of preferring second bail application,\u201d his fresh plea stated.<\/span><\/p><p>ALSO READ<\/p><div class=\"trade-content_5\" id=\"trade-4642824\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><figure class=\"wp-block-embed is-type-wp-embed is-provider-trade-brains wp-block-embed-trade-brains\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"SPsfxJis41\"><a href=\"https:\/\/tradebrains.in\/rana-kapoors-story-the-man-behind-the-rise-and-fall-of-yes-bank\/\">Rana Kapoor&#8217;s Story: The Man behind the Rise and Fall of Yes Bank!<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Rana Kapoor&#8217;s Story: The Man behind the Rise and Fall of Yes Bank!&#8221; &#8212; Trade Brains\" src=\"https:\/\/tradebrains.in\/rana-kapoors-story-the-man-behind-the-rise-and-fall-of-yes-bank\/embed\/#?secret=SPsfxJis41\" data-secret=\"SPsfxJis41\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure><p><span style=\"font-weight: 400;\">It is alleged that Varakh while working as a senior executive at the private lender, was involved in the \u201ccommission of crime with fraudulent and dishonest intention to allow to cause wrongful loss to the Yes Bank\u201d.<\/span><\/p><p><span style=\"font-weight: 400;\">The bank\u2019s co-founder, Rana Kapoor, is one of the prime accused in the case.<\/span><\/p><p><span style=\"font-weight: 400;\">As per the Central Bureau of Investigation (CBI), Kapoor, who is in jail in a related case being probed by the Enforcement Directorate, entered into a criminal conspiracy with DHFL promoter Kapil Wadhawan.<\/span><\/p><p><span style=\"font-weight: 400;\">The CBI has stated that between April and June 2018, Yes Bank invested Rs 3,700 crore in short-term debentures of Dewan Housing Finance Corporation Ltd (DHFL).<\/span><\/p><p><span style=\"font-weight: 400;\">In return, DHFL\u2019s Wadhawan allegedly \u201cpaid a kickback of Rs 600 crore\u201d to Kapoor in the form of loans to DoIT Urban Ventures, a firm controlled by Kapoor\u2019s wife and daughters, the central agency has claimed.<\/span><\/p><p><span style=\"font-weight: 400;\">A few months ago, Piramal Enterprises Ltd (PEL) completed the acquisition of debt-ridden DHFL under the Insolvency and Bankruptcy Code (IBC). <\/span><\/p><div class=\"trade-content-10\" id=\"trade-1726758782\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><div class=\"trade-after-content\" id=\"trade-3415512347\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Mahesh Varakh, a former senior executive of Yes bank was granted bail. He was involved in a crime involving wrongful loss to Yes Bank. Yes Bank\u2019s co-founder, Rana Kapoor, was one of the prime accused in this case. The bank had invested in short term debentures of DHFL, which was later acquired by Piramal Enterprises [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":9131,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,1513,31],"tags":[1901,1894,1895,1898,1899,1900,1897,1896],"class_list":["post-9023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-editor-pick","category-news","tag-central-bureau-of-investigation","tag-court-grants-bail","tag-former-yes-bank-senior-executive","tag-fraud-case","tag-rana-kapoor","tag-vice-president-of-yes-bank","tag-yes-bank","tag-yes-bank-senior-executive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Court grants bail to former Yes Bank senior executive in fraud case - 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