Besides Rana, other accused granted bail in the case include chartered accounts Naresh Jain and Anil Khandelwal. They were never arrested in the case. The CBI had registered a case against them for cheating and other offences under Indian Penal Code and Prevention of Corruption Act.
The accused persons and key officials of EOTTL, with the intent to cheat Yes Bank Limited, had applied for loans by submitting inflated and forged balance sheets, the probe agency alleged. It claimed EOTTL officials entered into criminal conspiracy with Kapoor, then Yes Bank’s managing director and CEO. Kapoor abused his official position and sanctioned credit facilities amounting to Rs 1060 crore to EOTTL (a sister concern of Cox & Kings) despite the firm’s weak financial condition, inadequate security and on the basis of forged documents, the CBI said.
In pursuance of the conspiracy, after sanctioning and disbursement loan, EOTTL wilfully diverted/siphoned the sanctioned funds to discharge liabilities of Cox & Kings Limited and other related entities of accused persons, the probe agency said. The court, in its order, said in the present case the accused were not arrested by the CBI till filing of charge sheet.
Nothing has been placed on record by the CBI to show their custody is necessary during the course of trial, the court said. Further the court noted that no apprehension is put forth by the prosecution that their release on bail would cause hindrance in the progress of trial. “Therefore, considering the legal ratio cited supra and circumstances available on record, I hold that the accused has made out case for release on bail,” it added.
