Published 16:32 IST, May 14th 2020
ED arrests Kapil & Dheeraj Wadhawan in Yes Bank money laundering case
In a major development on Thursday, the Enforcement Directorate has arrested DHFL promoters Kapil and Dheeraj Wadhawan in the Yes Bank money laundering case
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In a major development on Thursday, Enforcement Directorate has arrested DHFL promoters Kapil and Dheeraj Wadhawan in Yes Bank money laundering case. DHFL promoters have been sent to 10 days judicial custody.
This comes just two days after Bombay High Court had rejected ir anticipatory bail plea on Tuesday. y were sent to judicial custody after temporary bail was rejected by a special CBI court in Mumbai, on May 10 and sought bail due to COVID-19 outbreak. Meanwhile, ED last week has also filed its first charge sheet in Yes Bank money laundering case against Yes Bank founder Rana Kapoor in a special court in Mumbai.
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What is Yes Bank crisis?
Yes Bank started facing a crisis as it accumulated many bad loans in 2018 by lending to corporate defaulters such as DHFL, Jet Airways, and Cafe Coffee day, among ors. Moreover, when RBI refused to extend term of founder Rana Kapoor as chief executive in 2018, its manment was severely hit with his successor Ravneet Gill managing to raise only one round of funds through a share sale to institutional investors. Currently, CBI and ED have been investigating several investors who had received loans from Rana Kapoor. Meanwhile, Yes Bank has been restructured by RBI with SBI as a major stakeholder at 48.21%.
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16:32 IST, May 14th 2020