[Yes Bank Scam] Delhi High Court issues notice to Enforcement Directorate in Rana Kapoor bail plea

The Delhi High Court on Wednesday issued notice to the Directorate of Enforcement (ED) in a bail application filed by Yes Bank founder Rana Kapoor in a money laundering case..Notice was issued by Justice Manoj Kumar Ohri, who listed the case for further hearing on March 11..A special court dealing with Prevention of Money Laundering Act (PMLA) cases had on January 27 this year remanded Kapoor to ED custody till January 30, 2021.Kapoor was arrested for allegedly sanctioning a loan of over ₹200 crore to Mack Star Marketing Private Limited, a company owned by Housing Development and Infrastructure Limited (HDIL) promoters Rakesh and Sarang Wadhawan, when he was Chairman of Yes Bank. The ED claimed that Mack Star diverted the loan amount to HDIL, which in turn was used to settle its loan with Yes Bank.Appearing for the ED, Advocate Hiten Venegaokar submitted to the Court that HDIL mortgaged the properties to Yes Bank against which it took ₹203 crore, and this money was taken for refurbishing or repairing newly constructed properties..The Bombay High Court had earlier refused bail to Kapoor in another money laundering case involving Dewan Housing Finance Corporation (DHFL) promoters Kapil and Dheeraj Wadhwan and Yes Bank.Kapoor was arrested and has been in judicial custody since March 2020. He approached the High Court after the Special PMLA Court rejected his bail application in July 2020..Yesterday, the Bombay High Court reserved its order in the plea filed by Kapoor against the alleged improper sanction obtained by the Central Bureau of Investigation (CBI) to prosecute him under the Prevention of Corruption Act (PCA)..Bombay High Court reserves verdict in plea by Rana Kapoor challenging sanction under Section 17A PCA

[Yes Bank Scam] Delhi High Court issues notice to Enforcement Directorate in Rana Kapoor bail plea

Related Stories