ED Arrests Yes Bank Founder Rana Kapoor In Mack Star PMC Case
Even in July last year, a special court in Mumbai rejected Kapoor's bail plea following which he approached the High Court.
New Delhi: The Enforcement Directorate (ED) on Wednesday arrested Yes Bank founder Rana Kapoor in connection with Mack Star PMC case. Meanwhile, the Bombay High Court on Monday refused to grant bail to Kapoor, accused in a case of money laundering. The Yes Bank founder was arrested by the ED in March 2020. ALSO READ | SC Stays Bombay HC 'Skin-To-Skin' Verdict On Sexual Assault Under POCSO Act
The central agency is conducting an investigation against Kapoor, his wife, and their three daughters over a sum of Rs 600 crore received by a firm allegedly controlled by them from an entity linked to scam-hit Dewan Housing Finance Limited (DHFL).
Even in July last year, a special court in Mumbai rejected Kapoor's bail plea following which he approached the High Court.
Defending his counsel, senior lawyers Harish Salve on Monday told a single bench presided over by Justice P D Naik that Rs 600 crore was a loan received by their company and not a kickback.
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However, the ED's counsel, Hiten Venegaonkar, opposed the bail plea and told the court that the said company was co-owned by Kapoor's daughters.
Kapoor was arrested by the ED under provisions of the Prevention of Money Laundering Act (PMLA). As per the investigating agency, Kapoor, his family members and aides allegedly received benefits of Rs 4,300 crore through companies controlled by them as kickbacks for sanctioning huge loans.
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