Umamageswari Maruthappan
The Bombay High Court denied bail to the Co-founder of Yes Bank, Rana Kapoor in an alleged money laundering case.
The bench presided over by Justice P D Naik, passed the order after hearing a petition by Kapoor after the PMLA Court had refused to grant him bail.
Rana Kapoor was accused in a money laundering case along with his family members, the investigation of which was taken over by the Enforcement Directorate.
The ED claimed that around 4300 Crore Rupees was received by Kapoor, his family members and others as bribe in the name of sanctioning loans. The amount later became non-performing assets (NPAs).
It also said that the Kapoor family had received 600 Crore Rupees from a firm which is believed to be substantially owned by him and his family.
In March 2020, the Yes Bank founder was arrested under the Prevention of Money Laundering Act (PMLA), 2002. The ED further attached the assets of Kapoor including his foreign flats.
Rana Kapoor was represented by Senior Advocate Harish Salve while Hiten Venegaonkar appeared for the ED.
Salve rejected the allegations against Kapoor and said that the reception of 600 Crore Rupees by Kapoor was only in the form of a loan and not a bribe.
However, the ED Counsel opposed this stating that the firm itself was under the control of Kapoor’s daughters.
Following his arrest, a bail plea was made before the PMLA Court and in July 2020, the Special Court had rejected the same.