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Tuesday, October 20, 2020

Yes Bank crisis: Rana Kapoor sent to 2-day judicial custody; CBI seeks warrant in separate case

The former MD and CEO of Yes Bank, who was arrested on March 8, was produced by the ED before the special court on Friday, with the Directorate submitting before the court that his custody was no longer needed and he could be sent to jail.

By: Express News Service | Mumbai | Updated: March 21, 2020 5:23:57 am
yes bank crisis, rana kapoor, rana kapoor arrested, yes bank withdrawal capped, yes bank fiasco, yes bank rbi, business news, indian express Yes Bank founder Rana Kapoor outside Mumbai sessions court. (Express photo/Nirmal Harindran/File)

Yes Bank founder Rana Kapoor, arrested by the Enforcement Directorate (ED) under provisions of the PMLA earlier this month, was on Friday sent to judicial custody till April 2 by a special court.

The Central Bureau of Investigation (CBI), however, sought a production warrant against him in a separate case where he has been named an accused as well.

The former MD and CEO of Yes Bank, who was arrested on March 8, was produced by the ED before the special court on Friday, with the Directorate submitting before the court that his custody was no longer needed and he could be sent to jail.

Kapoor told the court that he was suffering from various ailments, including asthma and depression for the past 18 months.

His lawyer, Abad Ponda, submitted that as he is a senior citizen and has ailments including respiratory problems, he is “particularly vulnerable” to COVID-19 and hence care should be taken that he is kept in a special ward at Arthur Road jail.

ED counsel Sunil Gonsalves told the court that since Arthur Road jail was full, Kapoor may be taken to the jail in Taloja, Navi Mumbai. The court directed the jail authorities to take appropriate care. Kapoor was arrested by the ED, which claimed that he and the companies belonging to his family had benefited from loans disbursed by Yes Bank during his tenure at the helm of the bank.

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