Yes Bank Case: CBI court extends judicial custody of Kapil & Dheeraj Wadhawan till May 13

Refusing temporary bail, a special CBI court in Mumbai, on Sunday, remanded DHFL promoters Kapil and Dheeraj Wadhawan to Judicial custody till May 13. Wadhawans had filed an application seeking bail due to outbreak of COVID-19 in Mumbai’s jails. While next hearing is on May 13, CBI court had rejected ir bail several times.  On Wednesday, ED 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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Wadhawans taken in CBI custody

On 26 April, after completing ir COVID-19 quarantine, DHFL promoters - Kapil and Dhiraj Wadhawan, were taken into custody by CBI with assistance of Satara police. A court had stayed n-bailable warrants (NBWs) issued against m in case registered by CBI, ruling that Wadhawan brors cant leave jurisdiction of Satara district until May 5 barring for a medical emergency in Mumbai. However, y were arrested on April 26 from Mahabaleshwar after court vacated its stay on execution of n-bailable warrants. 

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n-bailable warrant issued, lockdown flouted

On April 18, a Mumbai sessions court had issued a stay on n-bailable warrants (NBWs) issued against m in case registered by CBI, which was vacated by court on April 25. Kapil and Dheeraj Wadhawan recently broke lockdown to travel from Mumbai to Mahabaleshwar. brors who had recently skipped ED summons citing Coronavirus had travelled to Mahabaleshwar along with 20 family members after receiving a clean-chit from Special Principal Secretary of Maharashtra Home Minister. While state government has issued a probe into violation, all 23 Wadhawans underwent quarantine for 14 days, before being released.

Yes Bank case: CBI custody of DHFL promoters Kapil & Dhiraj Wadhawan extended till May 10

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%.

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