February 8, 2023

Yes Bank founder Rana Kapoor gets bail in Rs. 300 crore money laundering case, can’t walk out of jail yet

A particular Prevention of Cash Laundering Act (PMLA) court docket in Mumbai on Wednesday granted bail to Sure Financial institution founder Rana Kapoor in a Rs. 300 crore cash laundering case. Nevertheless, Kapoor must look ahead to his launch from jail as his pleas for bail in different instances are nonetheless pending earlier than the court docket.

The Delhi Excessive Court docket on Wednesday sought the response from the Enforcement Directorate on Kapoor’s bail plea in a cash laundering case associated to the wrongful lack of Rs 466.51 crore to the financial institution. The matter has now been listed for subsequent listening to on 11 March.

The bail is topic to circumstances that Kapoor can’t go away India. The court docket has additionally directed authorities to grab his passport. The court docket has additionally ordered Kapoor to attend the court docket on the required dates.

The disaster in Sure Financial institution got here to limelight after the Reserve Financial institution of India final week formally suspended the financial institution’s board of administrators and issued a moratorium. The RBI additionally imposed a withdrawal restrict of Rs 50,000 for purchasers having their accounts in Sure Financial institution. Calls for had grown for the arrest of Rana Kapoor, who had famously hailed Prime Minister Narendra Modi’s demonetisation announcement calling it a masterstroke.

The RBI has taken management of the beleaguered financial institution, whereas the government-owned State Financial institution of India has mentioned that it’s going to purchase 49 % stakes within the financial institution based by Rana Kapoor earlier than figuring out its bail-out deal.

The collapse of Sure Financial institution has introduced a recent highlight on the Centre’s Narendra Modi authorities since two different monetary establishments specifically Dewan Housing and Punjab & Maharashtra Co-operative Financial institution have already failed within the final one yr.

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