Yes Bank scam: Rana Kapoor's ED custody extended till 16 March; agency says founder sanctioned loans of Rs 30,000 cr in his tenure

While seeking his custody, the ED told the court that loans worth Rs 30,000 crore were given to various entities when Kapoor was on the bank's panel.

Press Trust of India March 11, 2020 18:59:55 IST
Yes Bank scam: Rana Kapoor's ED custody extended till 16 March; agency says founder sanctioned loans of Rs 30,000 cr in his tenure
  • ED told the court that loans worth Rs 30,000 crore were given to various entities when Kapoor was on the bank's panel

  • The agency said Rs 20,000 crore loan turned into bad debts and it wanted to probe in great detail how the money has travelled

  • Kapoor was arrested by the ED here on Sunday under provisions of the PMLA as he was allegedly not cooperating in the probe

Mumbai: A special court on Wednesday extended till March 16 the Enforcement Directorate (ED) custody of Yes Bank founder Rana Kapoor, arrested on money laundering charges.

During the hearing, the ED told the special Prevention of Money Laundering Act (PMLA) court that Kapoor had sanctioned loans worth Rs 30,000 crore to different entities during his tenure.

Yes Bank scam Rana Kapoors ED custody extended till 16 March agency says founder sanctioned loans of Rs 30000 cr in his tenure

File image of Yes Bank founder Rana Kapoor. News18

Kapoor, 62, former MD and CEO of the private bank, was arrested by the ED here on Sunday under provisions of the PMLA as he was allegedly not cooperating in the probe.

He was earlier remanded in the ED custody till 11 March. As his remand ended on Wednesday, he was produced before special court judge PP Rajvaidya.

The court extended his ED custody till 16 March as the central investgating agency had sought it for further probe.

While seeking his custody, the ED told the court that loans worth Rs 30,000 crore were given to various entities when Kapoor was on the bank's panel.

"Of this, Rs 20,000 crore turned into bad debts. We need to be probe in great detail how the money has travelled," the agency told the court.

The Reserve Bank of India (RBI) had last week imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect.

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