Yes Bank founder Rana Kapoor’s ED custody extended till Mar 16


Team Udayavani, Mar 11, 2020, 6:11 PM IST

Mumbai: A special court on Wednesday, March 11 extended till March 16 the Enforcement Directorate (ED) custody of Yes Bank founder Rana Kapoor, arrested on money laundering charges.

During the hearing, the ED told the special Prevention of Money Laundering Act (PMLA) court that Kapoor had sanctioned loans worth Rs 30,000 crore to different entities during his tenure.

Kapoor, 62, former MD and CEO of the private bank, was arrested by the ED here on Sunday under provisions of the PMLA as he was allegedly not cooperating in the probe.

He was earlier remanded in the ED custody till March 11. As his remand ended on Wednesday, he was produced before special court judge P P Rajvaidya.

The court extended his ED custody till March 16 as the central investigating agency had sought it for further probe.

While seeking his custody, the ED told the court that loans worth Rs 30,000 crore were given to various entities when Kapoor was on the bank’s panel.

“Of this, Rs 20,000 crore turned into bad debts. We need to be a probe in great detail how the money has traveled,” the agency told the court.

The Reserve Bank of India (RBI) had last week imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Kannada Sahitya Sammelana: Food distribution creates stir

Rohit gets hit in nets, practice pitches on slower side

India & Kuwait elevate ties to strategic level; ink defence pact after PM Modi meets top Kuwaiti leaders

In Kuwait, PM Modi meets yoga practitioner, other influencers from Gulf country

Notorious gangster wanted in UAPA case arrested at Nepal border

Mandhana, Renuka blow away West Indies in first ODI

‘Condition critical’, say doctors as farmer leader Dallewal’s fast enters 27th day

Related Articles More

Notorious gangster wanted in UAPA case arrested at Nepal border

‘Condition critical’, say doctors as farmer leader Dallewal’s fast enters 27th day

ISRO to study how crops grow in space on PSLV-C60 mission

Vandalism at Allu Arjun’s residence in Hyderabad

PM Modi to attend Christmas celebrations hosted by Catholic Bishops’ Conference of India

MUST WATCH

Tulunadu Daivaradane

Feeding Birds with Creative Paddy Art!

Areca Nut

HOTEL SRI DURGA BHAVANA

Harish Poonja


Latest Additions

Kannada Sahitya Sammelana: Food distribution creates stir

Rohit gets hit in nets, practice pitches on slower side

India & Kuwait elevate ties to strategic level; ink defence pact after PM Modi meets top Kuwaiti leaders

In Kuwait, PM Modi meets yoga practitioner, other influencers from Gulf country

Notorious gangster wanted in UAPA case arrested at Nepal border

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.