Yes Bank Scam: The Accused Related To The Yes Bank Scam Did Not Get Relief

Yes Bank Scam: The accused related to the Yes Bank scam did not get relief, and the Supreme Court refused to grant bail.

The Supreme Court on Friday declined to entertain the bail plea of Naresh T Jain, auditor of travel firm Cox & Kings India and its group companies.

Jain is in jail in a money laundering case related to the Rs 3642 crore Yes Bank scam. According to the ED, the travel firm had obtained a loan of Rs 3,642 crore from Yes Bank.

After this, the money was embezzled by messing up the papers.

The Anti Money Laundering agency claimed that the loan was sanctioned by Rana Kapoor, the founder and then MD and CEO of Yes Bank, in defiance of the norms.

Supreme court refused to grant bail.

A bench of Chief Justice DY Chandrachud and Justice PS Narasimha heard the arguments of senior advocate Siddharth Dave, appearing for Jain, and refused to grant bail.

It is known that Jain is in custody since October 5, 2020. “We direct that the ED take all necessary steps to ensure that it cooperates in the early completion of the trial,” the bench said.

If no concrete steps are taken in the trial by May 31, 2023, we allow the petitioner (Jain) to apply for fresh bail before the (Bombay) High Court.

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Jain’s petition was rejected by the lower court.

It may be noted that the ED had filed an ECIR (Enforcement Case Information Report) against the then Yes Bank CEO Rana Kapoor and others on March 7, 2020.

The ED summoned Jain on June 8, 2020, and later he was arrested.  The lower court rejected Jain’s bail plea on December 9, 2020.

People can get relief from inflation in the first quarter of 2023, inflation will reach this level by March.

On the inflation front, in 2023, the general public can get a big relief.

In the first quarter of this year, the retail inflation rate based on the Consumer Price Index is likely to come in at five percent, which is less than the upper limit of the inflation band set by the RBI at six percent.

SBI’s recently released Ecowrap report said that by March 2023, the retail inflation rate could fall to five percent.

At the same time, the average retail inflation rate between January and March can be 4.7 percent.

This report has come at a time when the latest data released by the government has shown a decrease in inflation.