The Supreme Court, on Friday, denied bail to Rana Kapoor (founder of Yes Bank), in the matter concerning a money laundering case linked to the Rs 3,642-crore Yes Bank scam.
The Supreme Court stated, “You have to take cases on priority where there are heavy stakes and a large number of persons involved. There is something wrong if the ED investigation is taking so long.”
Replying to this, the Additional Solicitor General stated, “There are hundreds of shell companies. The investigation is taking a long time because we are trying to get information from foreign countries.”
In response, the Supreme Court expressed its stern disapproval, stating, “Granting bail could lead to prolonged trials, which would not be acceptable.” The Additional Solicitor General then apprised the court that the investigation is complicated.
After the Supreme Court’s refusal to entertain the bail plea, Rana Kapoor decided to withdraw the bail application. The apex court also observed that the case has significantly impacted the entire financial system. Since March 2020, Kapoor has been in custody in relation to the DHFL money laundering case.
In July, the Securities and Exchange Board of India issued a notice to Rana Kapoor, demanding a sum of Rs 2.22 crore concerning the mis-selling of the private sector lender’s AT1 bonds. The notice warned of potential arrest and asset attachment, along with bank account seizures, if Kapoor fail to make the payment within 15 days.
