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Yes bank former managing director and CEO Rana Kapoor sent to judicial custody till April 2

Team SoOLEGAL 21 Mar 2020 4:13pm

Yes bank former managing director and CEO Rana Kapoor sent to judicial custody till April 2

Yes Bank founder Rana Kapoor, was sent to judicial custody by a special court in Mumbai till April 2. He was arrested by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA) earlier this month.

On 8 March, the ED had arrested Mr. Kapoor under the PMLA (Prevention of Money Laundering Act) provisions. Mr. Kapoor, allegedly did not cooperate in the Yes Bank crisis-related investigation which was put under RBI moratorium on March 5. On March 18, after 13 days under RBI-led moratorium, the private lender resumed full operations from 6 pm.

The ED action came after a moratorium was placed on Yes Bank by the Reserve Bank of India (RBI), capping withdrawals at Rs.50,000/-  per account, and immediately overriding the company's board.

In addition to the ED, the Central Investigation Bureau (CBI) also filed a case against Mr. Kapoor under Sections 120 B and 420 (cheating) of the Indian Penal Code and Sections 7, 11 and 12 of the Section 12 in The Prevention of Corruption Act, 1988.

The ED questioned Reliance Group chairman Anil Ambani for about nine hours in connection with potential ties to the case against Kapoor and others in the midst of ongoing investigation in Yes Bank. According to the claims, loans worth Rs. 12,800 crore were taken from the cash-strapped bank by Ambani group companies.

Apart from Reliance Group, the agency is probing money laundering charges against 16 other corporate houses including DHFL promoters Dheeraj Wadhawan and Kapil Wadhawan, Essel Group and Naresh Goyal's Jet Airways, which are now defunct.

The ED had alleged that when Mr.Kapoor was on the bank's panel loans worth Rs 20,000 crore were issued to various entities. The central probe agency is primarily investigating Kapoor, his wife Bindu Kapoor and three daughtersRadha, Rakhee and Roshini over an Rs 600 crore fund received from an organization linked to the scam-hit Dewan Housing Finance Limited (DHFL) by a business allegedly "controlled" by them, official sources said.



Tagged: YesBank   CEO Rana Kapoor   judicial custody   RBI   Reserve Bank of India   CBI   Indian Penal Code  
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