Home / News / India /  Yes Bank founder Rana Kapoor's custody extended

NEW DELHI : A Mumbai court on Wednesday extended the Enforcement Directorate's custody of Yes Bank co-founder Rana Kapoor till 16 March.

Kapoor, 62, was arrested by the central investigative agency under provisions of the Prevention of Money Laundering Act (PMLA) on Sunday as he was allegedly not cooperating in the probe.

The former Yes Bank co-founder was earlier remanded in the ED custody till today. The Mumbai court extended his custody till 16 March as the probe agency had sought it for further investigation.

The primary allegation against Kapoor is related to Doit Urban Ventures, a company belonging to his family. The firm received 600 crore from Dewan Housing Finance Corp. Ltd (DHFL) allegedly in return for Yes Bank not labelling loans to DHFL as non-performing assets (NPAs). The directors of Doit Urban Ventures are Rana Kapoor’s daughters Radha Kapoor Khanna and Roshni Kapoor. In mounting trouble for the family, the Central Bureau of Investigation (CBI) has also initiated a probe into the matter.

The defence lawyer, however, said Kapoor has been selectively targeted by the ED and he is cooperating with the probe agency.

Kapoor was arrested after charges of alleged financial irregularities and mismanagement in the operations of Yes bank surfaced and the RBI and Union government initiated action to control its affairs.

The Reserve Bank of India (RBI) had last week imposed a moratorium on the Yes Bank, capping withdrawals at 50,000 per account, and superseded the board of the private sector lender with immediate effect.

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