Yes Bank crisis: Rana Kapoor’s ED custody extended further till March 16

A court in Mumbai on Wednesday further extended the custody of the Yes Bank co-founder Rana Kapoor till March 16.

Kapoor was arrested by the Enforcement Directorate on March 8 and he was produced before the PMLA court at the end of his three-day custody on March 11.

ALSO READ: ED raids former YES bank chairman Rana Kapoor

Kapoor was handed over to the Enforcement Directorate till March 11 by Mumbai’s Special Holiday Court on Sunday.

ED requested five-day custody of Kapoor and made a verbal submission to the court detailing the alleged financial irregularities of Yes Bank and DHFL.

The ED has alleged that the co-founder extended loans of upto Rs 30,000 crores and out of which Rs 20,000 Non-Performing Assets (NPA).

The authorities stated that these loans amounting to Rs 20,000 crores were extended to 78 companies that were close to the family and friends of Rana Kapoor.

The authorities needed more time to investigate the matter. However, the Defence Counsel objected to this claim.

Last week, RBI suspended the board of directors in Yes Bank and imposed a withdrawal limit due to the financial health of the bank.

ED had earlier argued in court that many family companies are involved and there are also some cases of quid pro quo made out of the case.

The Yes Bank crisis started last week which once again reflected the structural problems in the banking sector.

However, RBI has stepped in and taken measures under its Prompt Corrective Action framework.

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