ADVERTISEMENTREMOVE AD

Yes Bank Founder Rana Kapoor’s ED Custody Extended till 16 March

The court extended his ED custody till 16 March as the central investgating agency had sought it for further probe.

Published
Business
1 min read
story-hero-img
i
Aa
Aa
Small
Aa
Medium
Aa
Large
Hindi Female

A special court on Wednesday, 11 March, extended till 16 March the Enforcement Directorate (ED) custody of Yes Bank founder Rana Kapoor, arrested on money laundering charges.

During the hearing, the ED told the special Prevention of Money Laundering Act (PMLA) court that Kapoor had sanctioned loans worth Rs 30,000 crore to different entities during his tenure.

Kapoor, 62, former MD and CEO of the private bank, was arrested by the ED on Sunday under provisions of the PMLA as he was allegedly not cooperating in the probe.

He was earlier remanded in the ED custody till 11 March. As his remand ended on Wednesday, he was produced before special court judge PP Rajvaidya.
ADVERTISEMENTREMOVE AD

The court extended his ED custody till 16 March as the central investgating agency had sought it for further probe.

While seeking his custody, the ED told the court that loans worth Rs 30,000 crore were given to various entities when Kapoor was on the bank's panel.

“Of this, Rs 20,000 crore turned into bad debts. We need to be probe in great detail how the money has travelled,” the agency told the court.

The Reserve Bank of India (RBI) had last week imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

0

Read Latest News and Breaking News at The Quint, browse for more from news and business

Topics:  Yes Bank   Yes Bank crisis 

Speaking truth to power requires allies like you.
Become a Member
3 months
12 months
12 months
Check Member Benefits
Read More
×
×