STOCK MARKET BSE NSE

PMLA case: HC refuses bail to Yes Bank founder Rana Kapoor

In July last year, a special court in Mumbai rejected Kapoor's bail plea following which he approached the HC.

Published: 25th January 2021 02:05 PM  |   Last Updated: 25th January 2021 02:05 PM   |  A+A-

Former Yes Bank MD Rana Kapoor

Former Yes Bank MD Rana Kapoor. (File photo| IANS)

By PTI

MUMBAI: The Bombay High Court on Monday refused to grant bail to Yes Bank founder Rana Kapoor, who is accused in a case of money laundering.

Kapoor was arrested in March last year by the Enforcement Directorate (ED).

The central agency is conducting an investigation against Kapoor, his wife, and their three daughters over a sum of Rs 600 crore received by a firm allegedly controlled by them from an entity linked to scam-hit Dewan Housing Finance Limited (DHFL).

In July last year, a special court in Mumbai rejected Kapoor's bail plea following which he approached the HC.

READ| Yes Bank case: Rana Kapoor's daughter Roshni gets bail

Kapoor's counsel Harish Salve on Monday told a single bench presided over by Justice P D Naik that Rs 600 crore was a loan received by their company and not a kickback.

However, the ED's counsel, Hiten Venegaonkar, opposed the bail plea and told the court that the said company was co-owned by Kapoor's daughters.

Kapoor was arrested by the ED under provisions of the Prevention of Money Laundering Act (PMLA).

As per the ED, Kapoor, his family members and aides allegedly received benefits of Rs 4,300 crore through companies controlled by them as kickbacks for sanctioning huge loans.

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



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp