PMLA case: ED arrests YES bank co-founder Rana Kapoor

A special Court dealing with PMLA cases has arrested co-founder of YES Bank Rana Kapoor in a money laundering case till January 30,2021.

Kapoor was arrested under the Prevention of Money Laundering Act (PMLA).

Kapoor was arrested for allegedly sanctioning over Rs. 200 crore loan to Mack Star Marketing Private Limited, a company owned by Housing Development and Infrastructure Ltd. (HDIL) when he was chairman of Yes Bank.

In a setback for Yes Bank founder Rana Kapoor, the Bombay High Court on Monday rejected his application seeking bail in the multi-crore money laundering case.

Kapoor is one of the prime accused in the Yes Bank scam apart from the promoters of DHFL group - Dheeraj and Kapil Wadhawan.

Earlier, the Bombay High Court had refused bail to Kapoor in another money laundering case involving the Dewan Housing Finance Corporation (DHFL) promoters Kapil and Dheeraj Wadhwan and Yes Bank.

Kapoor has been in judicial custody since March 2020.

He approached the High Court after the Special PMLA Court rejected his bail application in July 2020.