SC denies Yes Bank founder Rana Kapoor bail in money laundering case

Noting that the case rocked India's financial system, the Supreme Court on Friday refused to grant bail to Yes Bank founder Rana Kapoor in a money laundering case. Kapoor has been accused of receiving 'kickbacks' or illegal gratification for sanctioning bad loans.

Kapoor withdrew the plea after the apex court refused to entertain it. Kapoor has been in jail since March 2020 in connection with the DHFL money laundering case.

According to a CBI FIR, the scam started taking shape between April and June 2018 when Yes Bank invested Rs 3,700 crore in short-term debentures of DHFL.


In return, the Wadhawans allegedly "paid kickbacks of Rs 600 crore" to former Yes Bank CEO Rana Kapoor and his family members in the form of loans to DoIT Urban Ventures (India) Pvt Ltd held by the wife and daughters of Kapoor, the CBI has claimed.

Markets regulator Securities and Exchange Board of India (Sebi) late in July sent a notice to Yes Bank's former MD and CEO, asking him to pay Rs 2.22 crore in a case of mis-selling the private sector lender's AT1 bonds and warned of arrest and attachment of assets as well as bank accounts if he fails to make the payment within 15 days.

(More to come)