ED probes Rana Kapoor's role in YES Bank's Rs 30,000-cr bad loans

The special court under the Prevention of Money Laundering Act granted an extension to keep Rana Kapoor under custody till March 16

The exceptional court under the Prevention of Money Laundering Act (PMLA) allowed an expansion to the Enforcement Directorate (ED) to keep Rana Kapoor under care till March 16. The ED had looked for expansion of Kapoor’s authority to test his job in YES Bank’s terrible obligations of Rs 30,000 crore. It will likewise investigate whether the monies were “siphoned and washed” to the 78 substances constrained by the bank’s fellow benefactor.

“It has been seen that more than Rs 30,000 crore was given as advances by YES Bank to a few organizations/elements during the residency of Kapoor in YES Bank which have changed over into terrible obligations. Kapoor is required to be grilled to learn if, in the pretense of these credits, the monies have been siphoned and washed,” the ED said in its remand application to court.

The ED included that it was examining credits of over Rs 20,000 crore from the perspective of inconsistencies, renumeration and preoccupation. Examination has uncovered that around 78 organizations claimed by Kapoor’s relatives were being controlled and overseen by Kapoor. The ED stated, “Records identified with these organizations/firms are to be acquired,” and included that Kapoor would be gone up against to discover redirecting of assets from YES Bank to these organizations. The ED named Kapoor, his significant other Bindu and three little girls — Roshini, Radha and Raakhe — as denounced in the issue.