ED files chargesheet against Yes Bank founder Rana Kapoor in money laundering case

On Wednesday, Enforcement Directorate filed its first chargesheet in Yes Bank money laundering case against Yes Bank founder Rana Kapoor in a special court in Mumbai. chargesheet accuses Kapoor, his wife Bindu Kapoor, daughters Roshni, Radha, and Rakhee Kapoor of money laundering and personal gratification in lieu of loans to big borrowers. Moreover, three firms- Morgan Credit Private Limited, Yes Capital India Private Limited, and RAB Enterprises have also been named.

As per chargesheet, proceeds of crime have been pegged at Rs.5,050 crore out of which Rs.600 crore has been traced back to a company directly owned by  Kapoor family. provisional attachment includes MF Hussain's portrait of Rajiv Gandhi and bank accounts worth Rs.59 crore. Sources reveal that 168 bank accounts and mutual funds and 59 paintings are also under scanner of investigative ncy. 

Read: Anil Ambani Appears At ED In Money-laundering Probe Against Yes Bank Founder Rana Kapoor

Allegations against Rana Kapoor

Rana Kapoor was arrested by ED on March 8 after 30 hours of questioning. ED has alleged that Kapoor misused his position as Chief Executive Officer of Yes Bank to benefit his daughters' companies. According to ncy, loans worth Rs.30,000 crore were given by Yes Bank when he was at helm of affairs. Out of se, advances of Rs. 20,000 crore became NPAs (n-performing assets).

ED maintained Rana Kapoor's family members were associated with 78 companies that were allegedly used for movement of money. On or hand, Kapoor's counsel has highlighted his client's contribution to bank, including awards which he received. Furrmore, it was stressed that Kapoor's family members never defaulted on any of loans granted. 

Read: After Naresh Goyal, w Subhash Chandra & Wadhawans Skip ED Summons In Rana Kapoor Probe

Bail plea rejected

Prevention of Money Laundering Act (PMLA) court in Mumbai rejected bail application of Rana Kapoor on April 3. Kapoor had moved bail application citing a threat to his life in wake of vel coronavirus outbreak. plea mentioned that Yes Bank founder's existing medical conditions such as bronchial asthma, chronic immudeficiency syndrome, severe hypertension, depression put him at a high risk of a lung infection if he contracted COVID-19 in jail. Moreover, it was argued that Kapoor needed to stay at home and get home-cooked food. 

Read: Republic Impact: Rana Kapoor Property Exposed By Republic Under Scanner; CBI Files Case

Read: STING: Rana Kapoor-Mallya Link Revealed; Caretakers Say Rana Tried To Sell Off Properties