Yes Bank founder Rana Kapoor sent to Enforcement Directorate custody till Mar 11
Mumbai/UNI: A local court here on Sunday remanded Yes Bank founder Rana Kapoor to the Enforcement Directorate (ED) custody till March 11 in a money laundering case.
According to sources, the probe agency put forward a report in the court which pointed out that Dewan Housing Finance Corporation Ltd (DHFL) inflated value of property worth Rs 40 crore to Rs 735 crore for a loan from Yes Bank which was approved by the bank.
The ED told the court that the role of some companies run by Kapoor's family members needs to be established, and they need to confront all these people with the accused.
A battery of lawyers representing Kapoor said their client has been selectively targeted by the ED and he is cooperating with the probe agency.
Kapoor was arrested after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced.
The RBI and Union government have initiated action to control affairs of the crisis-hit Bank.
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