Comments
A PMLA court on Wednesday extended YES Bank co-founder Rana Kapoor’s custody with the Enforcement Directorate till March 16.
The ED had sought another seven days of custody of Kapoor. It informed the court that Kapoor, as MD and CEO of YES Bank, had sanctioned ₹30,000 crore of loans of which ₹20,000 crore had turned bad. “We need to probe in great detail how the money has travelled,” the agency told the court.
The case was heard by Judge PP Rajvaidya. Kapoor was arrested by the ED on March 8 and remanded to the agency’s custody till Wednesday.
The ED, through Public Prosecutor Sunil Gonsalves, said that the ₹30,000-crore loans were given to various entities including 78 companies belonging to Kapoor’s family. It estimated that about ₹20,000 crore of loans were given to these firms.
“Documents have been recovered which need to be confronted with the accused,” the ED said, adding that key managerial people of YES Bank also need to be confronted with Kapoor on the issue.
“Issues of irregularity, quid pro quo and diversion of funds need to be investigated,” the ED submitted.
‘A scapegoat’
Kapoor’s lawyer said the YES Bank co-founder was being made a scapegoat after the Finance Minister had said that responsibility needs to be fixed for what went wrong with the lender.
Kapoor, who was present in court, was represented through his counsel Sushil Maneshinde. Kapoor said he had been in London and came back for negotiations with the RBI and the Finance Ministry for taking over YES Bank again as it was going down.
The market cap of YES Bank, which was ₹93,000 crore when Kapoor stepped down, is now come down to ₹5,000 crore.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.