Yes Bank founder Rana Kapoor's ED custody extended till March 16

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National News

Mar 12, 2020

1:33PM

Yes Bank founder Rana Kapoor's ED custody extended till March 16

PTI

Mumbai’s special court has extended Yes Bank founder Rana Kapoor’s ED custody till 16th March. Kapoor was produced before special court judge P P Rajvaidya on Wednesday at the end of his custody. During the hearing, Enforcement Directorate officials informed the court that Kapoor had sanctioned loans worth 30,000 crore rupees to various entities, out of which loans worth 20,000 crore rupees has turned into bad debt. The agency sought extension of custody to probe the rationale behind sanctioning these loans and alleged money laundering charges.

The 62-year old former MD and CEO of Yes Bank, Rana Kapoor was arrested on Sunday under the provisions of Prevention of Money Laundering Act. This came a day after RBI imposed a moratorium on the capital starved private lender, capping withdrawals at 50,000 rupees per account and superseding the bank’s board.