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Yes Bank case: PMLA court refuses bail to Rana Kapoor

Due to Rana Kapoor’s strained ties with the bank management and his inability to submit disclosures since he is under police custody, Yes decided to approach Sebi.ht (MINT_PRINT)Premium
Due to Rana Kapoor’s strained ties with the bank management and his inability to submit disclosures since he is under police custody, Yes decided to approach Sebi.ht (MINT_PRINT)

  • Despite Kapoor seeking for bail on the grounds that investigation has culminated, PMLA court's special judge has rejected his plea
  • Kapoor along with his wife and daughters is being investigated by ED for money-laundering case in DHFL

MUMBAI : A PMLA court here on Tuesday rejected the bail plea of Yes Bank founder Rana Kapoor, arrested by the Enforcement Directorate in connection with an alleged multi-crore fraud at the bank.

Kapoor had sought bail on merits of the case. His lawyers submitted that the investigation in the case was completed, hence there was no reason to keep keep him in jail. Also, most of the evidence was documentary in nature and cannot be tampered by the accused, they added.

However, special judge P P Rajvaidya rejected Kapoor's plea.

The banker, currently in judicial custody, was arrested in March under provisions of the Prevention of Money Laundering Act (PMLA).

The Enforcement Directorate (ED) is primarily investigating Kapoor, his wife and three daughters over 600 crore received by a firm allegedly controlled by them from an entity linked to the scam-hit Dewan Housing Finance Limited (DHFL).

Kapoor, his family members and others got benefits of 4,300 crore through companies controlled by them as kickbacks for sanctioning huge loans, the ED has alleged.

He is also accused of receiving bribes for going easy on loans given to a few big corporate groups that had turned into non-performing assets (NPAs).

The Central Bureau of Investigation (CBI) is also probing a related case.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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