Yes Bank co-founder Rana Kapoor has finally been granted bail in the last pending case against him, paving the way for his release after four years in jail. This marks a significant development in the ongoing saga of alleged financial irregularities at Yes Bank.

Kapoor's troubles began in March 2020 when the Enforcement Directorate (ED) arrested him on charges of money laundering linked to a Rs 600-crore loan given by Dewan Housing Finance Limited (DHFL) to a company allegedly connected to his family. This was followed by eight separate cases filed by the Central Bureau of Investigation (CBI) related to alleged fraud at Yes Bank.

The recently granted bail pertains to a case involving a prime property in New Delhi belonging to Avantha Realty. Prosecutors alleged that Kapoor received kickbacks in the form of acquiring this property at a significantly undervalued price in exchange for providing favorable loan terms from Yes Bank to the Avantha Realty group.

This case mirrored a similar one decided in 2022, where Kapoor was granted bail due to the slow pace of the trial. Following the bail order in the Avantha Realty case, Kapoor's lawyers pursued bail in the remaining case, which culminated in his release.

While Kapoor is no longer behind bars, his legal troubles are not entirely over. In 2023, the Securities and Exchange Board of India (SEBI) imposed a fine of Rs 2.22 crore on him for misselling Yes Bank's Additional Tier-1 (AT1) bonds. Kapoor challenged this penalty, but when he failed to pay the fine, SEBI froze his bank accounts and investment holdings. It remains to be seen how these financial penalties will be addressed.

Kapoor's release is likely to reignite discussions about the alleged financial irregularities at Yes Bank. The legal proceedings against him may continue for some time. It will be interesting to see how the remaining cases unfold and whether Kapoor is ultimately found guilty of any charges. The episode also serves as a reminder of the importance of strong corporate governance and transparency in the financial sector.