Yes Bank case: SC stays default bail granted to Kapil & Dheeraj Wadhawan by HC till Oct 7

Cracking down on DHFL promoters Kapil and Dheeraj Whawan on Thursday, Supreme Court stayed Bombay High Court's order granting 'default bail' to Whawans - till October 7. An apex court bench heed by Justice Sanjay Kishan Kaul said that it would examine legal issues involved in Whawans’ bail plea. two Whawan brors have been booked by ED under Prevention of Money Laundering Act (PMLA) in Yes Bank scam.

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Bombay HC grants 'default bail'

On 20 August, Bombay High Court granted 'default bail' to Whawan brors as Enforcement Directorate (ED) failed to file a charge sheet within stipulated 60-day period. court h directed Whawan brors to deposit Rs 1 lakh and surrender ir passports. Inspite of getting bail, continue to remain in jail as y have been booked by CBI as well in same case. Previously, Supreme Court h also dismissed anticipatory bail pleas of brors.

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Properties attached

ED has attached properties of DHFL promoters - Kapil and Dheeraj Whawan worth Rs 1400 crores. attached properties include 12 apartments and land in Pune, properties in Australia, New York and London, as per sources. Moreover, sources report that Yes Bank founder Rana Kapoor's properties worth Rs 1200 crore have been attached - including six flats at Malabar Hill and  Delhi property at Amrita Shergil Marg, charge sheeting Kapoor in cases.

Yes Bank Fraud Case: Bombay HC grants bail to Kapil and Dheeraj Whawan

What is Yes Bank crisis?

Yes Bank started facing a crisis as it accumulated many b 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 h received loans from Rana Kapoor. Meanwhile, Yes Bank has been restructured by RBI with SBI as a major stakeholder at 48.21%.

Yes Bank case: ED attaches properties of Rana Kapoor, Kapil & Dhiraj Whawan worth crores