Rana Kapoor was arrested by the Law Enforcement Directorate in a money laundering case in March (File)
Mumbai:
A special court in Mumbai today denied the bail application of Yes Bank founder Rana Kapoor. The banker was arrested in March by the Law Enforcement Branch in connection with an alleged multi-crore fraud at the bank.
Rana Kapoor had requested bail on the merits of the case and his lawyers argued that since the investigation into the case is over, 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 custody, was arrested in March under the provisions of the Prevention of Money Laundering Act (PMLA).
The Law Enforcement (ED) Directorate is mainly investigating Rana Kapoor, his wife and three daughters over Rs 600 crore received by a company allegedly controlled by them from an entity linked to the Dewan Housing scam Finance Limited (DHFL).
Rana Kapoor, her family members and others received benefits of Rs 4,300 crore through companies controlled by them as bribes to sanction huge loans, the central agency alleged.
He is also accused of receiving bribes for accepting loans granted to a few large groups of companies which had turned into non-performing assets.
The Central Bureau of Investigation is also investigating a related case.
