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

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

Mumbai:

A particular court docket in Mumbai right this moment rejected Sure Financial institution founder Rana Kapoor’s bail plea. The banker was arrested in March by the Enforcement Directorate in reference to an alleged multi-crore fraud on the financial institution.

Rana Kapoor had sought bail on the deserves of the case and his attorneys submitted that since investigation within the case is full, there is no such thing as a purpose to maintain him in jail. Many of the proof is documentary in nature and can’t be tampered with by the accused, they added.

Nevertheless, particular decide PP Rajvaidya rejected Rana Kapoor’s plea.

Rana Kapoor, at the moment in judicial custody, was arrested in March beneath the provisions of the Prevention of Cash Laundering Act (PMLA).

The Enforcement Directorate (ED) is primarily investigating Rana Kapoor, his spouse and three daughters over Rs 600 crore acquired by a agency allegedly managed by them from an entity linked to the scam-hit Dewan Housing Finance Restricted (DHFL).

Rana Kapoor, his members of the family and others acquired advantages of Rs 4,300 crore via firms managed by them as kickbacks for sanctioning large loans, the central company has alleged.

He’s additionally accused of receiving bribes for going straightforward on loans given to a couple massive company teams that had become non-performing belongings.

The Central Bureau of Investigation can also be probing a associated case.

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