Yes Bank Co-founder Rana Kapoor Gets Bail in Money Laundering Case

Share with your friends

The Delhi High Court today granted Rana Kapoor, a co-founder of Yes Bank, bail in a Rs 466.51 billion money laundering case that the Enforcement Directorate had filed.

Kapoor is now being held in Navi Mumbai’s Taloja jail.

He had applied for temporary bail in 2020, arguing that because of his current medical state, he was at risk of developing coronavirus infection while inside. He stated that he had chronic immunodeficiency syndrome, a condition that leads to recurring skin, sinus, and lung infections, in the plea that was submitted through his attorney Subhash Jadhav. But at the time, his request for a temporary bail was turned down.

In accordance with the Prevention of Money Laundering Act (PMLA), Kapoor was detained by the Enforcement Directorate (ED) in 2020. The ED claims that Kapoor, his family, and other individuals received benefits totaling Rs. 4,300 crore through businesses run by his family as a form of payment in exchange for approving large loans.

When Kapoor was in charge of Yes Bank, the ED claims that loans totaling Rs 30,000 crore were made, of which Rs 20,000 crore were advances that ended up being bad loans.

Rana Kapoor is also charged with accepting bribes in exchange for granting loans to a few large corporate entities that later became non-performing assets (NPAs).


Share with your friends

Leave a Reply

Your email address will not be published.

Latest Press release

Runwal Group Makes A Big Foray Into Commercial Real Estate After Cementing Its Position in Residential and Retail Segments

Share with your friends

Share with your friendsMumbai, 30th March, 2023: Runwal Group, one of India’s top real estate developers, is a well-known name in residential and retail real estate business. With the iconic R City, R Mall and R Galleria in retail and numerous residential projects across MMR, the group has been a dominant name in the industry. After […]


Share with your friends
Read More
Latest Education

JEE Main 2023 Session 2 Admit Card to Be Out Soon: Verify the date and time.

Share with your friends

Share with your friendsThe Joint Entrance Examination (JEE) Main Session 2 admit card 2023 is anticipated to be released by the National Testing Agency (NTA) soon. The first week of April is predicted to see the release of the JEE Main admission card. The NTA has not yet provided an official confirmation. The official website […]


Share with your friends
Read More
Latest

The Wadhwa Group invites homebuyers of ‘Atmosphere 02’ to seek blessings of their new homes on Gudi Padwa

Share with your friends

Share with your friendsMumbai, March 29, 2023: The Wadhwa Group, one of India’s leading real estate development companies and a prominent realty player in Mumbai, has in a first, invited its home buyers on Gudi Padwa day to seek blessings and verify the work in progress of their new homes in the ongoing iconic project ‘Atmosphere […]


Share with your friends
Read More