PMLA Court extends police custody of Yes Bank co-founder Rana Kapoor until March 16 [Read ED Remand Application]

A Court for offences under the Prevention of Money Laundering Act (PMLA) today reportedly extended the police custody of Yes Bank co-founder, Rana Kapoor in connection with money laundering charges levelled against him..It is reported that the Court on Wednesday allowed the extension of Kapoor's remand until March 16, Monday..The Enforcement Directorate (ED) had applied for the extension of remand by 7 days, submitting that the same was required to interrogate Kapoor further in the matter. Inter alia, it was also argued that Kapoor may hamper the ongoing investigation in the matter since he is an influential person..It is the ED's case that Kapoor received undue pecuniary advantage over Yes Bank’s transactions with DHFL, through companies held by his wife and daughters. Kapoor stands accused of laundering thousands of crores worth of money..The remand application further states that it is apprehended that Kappor has similarly misused his official position in several other transactions and obtained illegal kickbacks directly or indirectly through entities controlled by him or family members..Kapoor was arrested on Sunday by the ED, which claimed that he was not cooperating with the probe. .The arrest followed days after the Reserve Bank of India (RBI) imposed a moratorium on withdrawals, capping it at Rs. 50,000, and appointed an administrator from SBI to oversee operations last Thursday. .[Read the ED's Remand Application]