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Mumbai Court Denies Bail To Rana Kapoor In Yes Bank Money Laundering Case

Rana Kapoor was arrested by the Enforcement Directorate in a money laundering case in March (File)

Mumbai:

A special court in Mumbai today rejected Yes Bank founder Rana Kapoor’s bail plea. The banker was arrested in March by the Enforcement Directorate in connection with an alleged multi-crore fraud at the bank.

Rana Kapoor had sought bail on the merits of the case and his lawyers submitted that since investigation in the case is complete, there is no reason to keep him in jail. Most of the evidence is documentary in nature and cannot be tampered with by the accused, they added.

However, special judge PP Rajvaidya rejected Rana Kapoor’s plea.

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

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

Rana Kapoor, his family members and others received benefits of Rs 4,300 crore through companies controlled by them as kickbacks for sanctioning huge loans, the central agency 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.

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

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