A Mumbai court has granted bail to Yes Bank founder Rana Kapoor in a money laundering case in which he was arrested.
The relief was granted to Kapoor by the special court under Section 436A of the Criminal Procedure Code of Money Laundering Act (PMLA).
The Section 436A of Criminal Procedure Code of Money Laundering Act provides the maximum period for which an undertrial prisoner can be detained.
The section states how no person can be detained for more than half the maximum period of imprisonment provided for the offence in law.
On Deceber 21, the Special judge MG Deshpande observed that Kapoor had been detained for three years and nine months.
The Bench fond that this is more than half of the maximum imprisonment (seven years) that can be awarded to Kapoor for his alleged offence.
The Court took pulled up ED for opposing the bail application despite not having started the trial for more than three years incarceration of Kapoor.
Kapoor, who was arrested in March 2020, has since remained behind the bars. He was accused of receiving illegal gratification in exchange for sanctioning bad loans to high-profile borrowers.