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


PTI | Mumbai | Updated: 25-01-2021 14:07 IST | Created: 25-01-2021 13:43 IST
PMLA case: HC refuses bail to Yes Bank founder Rana Kapoor
Representative image Image Credit: Flickr
  • Country:
  • India

The Bombay High Court on Mondayrefused to grant bail to Yes Bank founder Rana Kapoor, who isaccused in a case of money laundering.

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

The central agency is conducting an investigationagainst Kapoor, his wife, and their three daughters over a sumof Rs 600 crore received by a firm allegedly controlled bythem from an entity linked to scam-hit Dewan Housing FinanceLimited (DHFL).

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

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

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

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

As per the ED, Kapoor, his family members and aidesallegedly received benefits of Rs 4,300 crore throughcompanies controlled by them as kickbacks for sanctioning hugeloans.

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

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback