HC rejects bail plea of Yes Bank founder

The Bombay High Court on Monday rejected the bail plea filed by YES Bank founder Rana Kapoor who is lodged at Taloja Central Jail in the money laundering case.

Senior advocate Harish Salve represented Mr. Kapoor and argued before a Single Bench of justice PD Naik that there has been no money laundering, but a simple loan transaction. He added those loans have been repaid however no money has been received in the name of Mr. Kapoor.

The Enforcement Directorate’s (ED) counsel Hiten Venegavkar opposed the plea and said Mr. Kapoor conspired with Kapil and Dheeraj Wadhawan of Dewan Housing Finance Limited (DHFL) and siphoned off ₹5050 crores from Yes Bank.

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