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PMLA court rejects bail plea of Yes Bank co-founder Rana Kapoor

The special judge PP Rajvaidya rejected the plea sought on merits as he was arrested on March 8 by the Enforcement Directorate for disbursing loans to various firms for pecuniary gains, is now investigating debentures and loans to the tune of Rs 5402.1 crore that Yes Bank had given to Dewan Housing Finance Limited (DHFL), its group companies and Sumer Group.

Defence advocate argued that all the evidence is this case are documentary and his custody is no longer required. He also said Rana will not tamper with the evidence also there is no risk of flight as his passport is with the authorities.

The plea was opposed by ED’s counsel Hiten Venegavkar who said Kapoor conspired with Kapil and Dheeraj Wadhawan of DHFL and siphoned off Rs 5050 crores from Yes Bank and received kickbacks of 600 crores in investing Rs 2700 crores of debentures in DHFL.

He also said that Kapoor sanctioned Rs 750 crores for the Bandra reclamation project without verifying any details of Wadhwan brothers financial capacity.

He was sent to judicial custody on March 20 after ED told the court that the agency had found 19 new companies linked to Kapoor and his family which they suspect could have been used for laundering money.

On April 3, his interim medical bail was rejected sought on grounds of him suffering from various ailments including recurring lung, sinus and skin infection, and that he was also suffering from severe hypertension, anxiety and depression since the last 18 months which was being treated in the presence of his family.

He had also cited the spread the COVID-19 and said that since the pandemic directly affects the lungs, it can cause severe lung infection to him and in his case can cause death considering his age, low immunity and long-standing respiratory problem.

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