Money & Banking

ED summons Subhash Chandra in YES Bank’s Rana Kapoor case

Our Bureau Mumbai | Updated on March 16, 2020 Published on March 16, 2020

The Enforcement Directorate (ED) has requested Essel Group Chairman Subhash Chandra’s presence on March 18, to make a statement on the case related to YES Bank’s founder Rana Kapoor.

“Chandra will certainly be present to make the statement and will be more than happy to extend any support or co-operation requested by ED. The Group wishes to clarify that most of the credit facilities were availed for its infrastructure business and there is no debt on ZEEL, ZMCL, etc,” Essel Group said in a statement.

“The group also wishes to cite that all credit facilities availed were fully secured. The Group has never made any transactions with Rana Kapoor or his family or for that matter any private entities controlled by them,” it added.

Kapoor had been arrested by ED on March 8 under provisions of the Prevention of Money Laundering Act and was initially remanded to ED custody till March 11, which was later extended till March 16.

Published on March 16, 2020
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