SC Refuses Bail To Yes Bank Founder Rana Kapoor In DHFL Money Laundering Case

New Delhi: Supreme Court on Tuesday refused to entertain bail plea of Yes Bank founder Rana Kapoor in a money-laundering case against him. Kapoor withdraws bail plea from Supreme Court. SC notes that this case rocked the entire financial system.

In 2018, Yes Bank allegedly invested Rs 3,700 crore in short-term debentures of DHFL. It also sanctioned a loan of Rs 750 crore to a subsidiary of DHFL. Kapoor allegedly received kickbacks of Rs 600 crore by extending a loan to DOIT Urban Ventures (India) Pvt Ltd, which is wholly owned by RAB Enterprises, a company owned by Kapoor's wife and daughters.

His first bail application was rejected in February 2021 by the high court. Kapoor filed the second bail application on the ground that the maximum sentence under the Prevention of Money Laundering Act (PMLA) was seven years, and Kapoor had been in custody for three years.