Money laundering case: Bombay HC rejects bail plea of Yes Bank founder

The Bombay High Court on Monday rejected the bail utility of Yes Bank founder Rana Kapoor arrested by the Enforcement Directorate in an alleged cash laundering case.

Kapoor has been in jail since final March along with his earlier bail purposes being rejected by the classes courtroom.

His legal professionals, Harish Salve, Mahesh Jethmalani and Subhash Jadhav, had submitted earlier than the HC that Kapoor has not acquired kickbacks from Kapil Wadhawan and Dheeraj Wadhawan — promoters of Dewan Housing Finance Limited (DHFL) — as was alleged by the ED.

The ED has claimed that in the course of the yr 2018-19, when Kapoor was the promoter director and CEO of Yes Bank, he entered right into a prison conspiracy with Wadhawans extending monetary help to their firm DHFL, in lieu of considerable undue profit to himself and his relations via corporations held by them.

The ED had alleged that between April and June, 2018, Yes Bank invested Rs 3,700 crore in brief time period debentures of DHFL. At the identical time, a mortgage of Rs 600 crore was given by DHFL to DOIT Urban Ventures (India) Private Limited, linked to Kapoor’s relations.

Kapoor has advised HC that the Rs 600-crore mortgage was a refinancing of two earlier loans of Rs 300 crore every, taken a lot earlier than 2018. He added that an curiosity of Rs 105 crore has been paid by them on this mortgage, which might not have been carried out if it was a bribe.

The legal professionals maintained that Kapoor isn’t a flight threat, as flights to the UK from India are fully shut as a result of Covid-19 pandemic. They added that it was not doable to intrude with the probe because the Wadhawans are already in custody and particulars of Kapoor and his household are with the ED.

ED counsel Hiten Venegaonkar opposed the plea stating that proof, together with witness statements, confirmed that there was a nexus between Kapoor and the Wadhawans. The courtroom went on to reject the bail plea.

Source hyperlink

Related Articles



Please enter your comment!
Please enter your name here

Latest Articles