Munmun Kaur-
Published on: December 07, 2021 at 15: 00 IST
Former group executive vice-president of Yes Bank, Mahesh Kumar Varakh’s bail application was rejected by a CBI court last week. This is with regards to a case of financial irregularities involving Dewan Housing Finance Corporation Ltd (DHFL).
Varakh’s counsel had argued that the Yes Bank board had not approved the sanction to prosecute him and that he was innocent. Apparently, one of the junior-most officers in the management committee of the Bank had decided on sanction and disbursal of loans and Varakh only implemented their decisions, especially that of Rajiv Anand.
Nonetheless, CBI opposed the bail plea by arguing that Varakh played a prime role in the financial fraud and that a person if allowed bail after misappropriating huge public funds would act as encouragement to many others to commit similar crimes.
The Court was of the view that even if there was insistence or influence from others like Rajiv Anand and Rana Kapoor, Varakh as being the Group Executive Vice-President of the Bank had a greater responsibility of protecting the bank’s interest which he failed to.
Therefore, the Court concluded that the facts and circumstances of the case show Varakh’s prima-facie complicity in conspiracy with other co-accused, more particularly Rana Kapoor and Rajiv Anand in the conspiracy.