DHFL money laundering case: HC denies bail to Yes Bank founder Rana Kapoor

The Bombay High Court on Thursday refused to grant bail to Yes Bank founder Rana Kapoor in connection with the DHFL money laundering case noting that he was one of main accused in the case and he faced a serious charge of having laundered public moneyA single bench of Justice P D Naik in its order said Kapoor misused his official position to gain undue financial benefit for himself his family members and associatesHe Kapoor is involved in bribery corruption and money laundering activities The proceeds of crime POC involved in this case are to the extent of Rs 5333 crore It is alleged that applicant had siphoned off huge amounts of POC out of India through his family group ownedcontrolled companies the HC saidIt added that around Rs 378 crore have been invested overseas and investigation in this is still onThe bench said it cannot ignore Kapoors role in the crime the magnitude and seriousness of the crimeThe allegations against the applicant is that the applicant is involved in laundering of public money He has allegedly hatched a conspiracy with owners of DHFL for siphoning huge amount Though the applicant is in custody for three years the involvement of public money shows that the charge is serious the court said in its orderIt added that there was also an apprehension of tampering evidenceAlso readCongress hails Shimla civic poll victory says time for Karnataka to follow suitKapoor had sought bail on the ground that he had been in custody since March 2020 and trial in the case would take a long time to begin and that his custody was not requiredIn 2018 Yes Bank allegedly invested Rs 3700 crore in shortterm debentures of DHFL It also sanctioned a loan of Rs 750 crore to a subsidiary of DHFLKapoor 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 Kapoors wife and daughtersHis first bail application was rejected in February 2021 by the high courtKapoor 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 yearsThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever