Lagatar24 Desk
New Delhi, Feb 16: In a bail application submitted by Yes Bank founder Rana Kapoor in a money laundering case, the Delhi High Court has sent a notice to the Enforcement Directorate (ED) on Wednesday, February 16.
Justice Manoj Kumar Ohri issued a notice, and the matter has been rescheduled for March 11.
On January 27 this year, a special court dealing with cases under the Prevention of Money Laundering Act (PMLA) remanded Kapoor in ED custody till January 30, 2021.
Kapoor was arrested for allegedly granting a loan of over 200 crores to Mack Star Marketing Private Limited, a firm owned by Housing Development and Infrastructure Limited (HDIL) promoters Rakesh and Sarang Wadhawan when he was the Chairman of Yes Bank.
According to the ED, Mack Star routed the loan funds to HDIL, which then used the funds to satisfy its debt with Yes Bank.
Advocate Hiten Venegaokar, appearing for the ED, told the Court that HDIL mortgaged the properties to Yes Bank and received a loan of Rs. 203 crore, which was used to rehabilitate or repair newly constructed buildings.
Kapoor had already been denied bail in another money laundering case involving Dewan Housing Finance Corporation (DHFL) promoters Kapil and Dheeraj Wadhwan and Yes Bank by the Bombay High Court.
Kapoor was arrested in March 2020 and has been held in judicial detention since then. After the Special PMLA Court denied his bail application in July 2020, he went to the High Court.
The Bombay High Court yesterday reserved its decision in Kapoor’s appeal against the Central Bureau of Investigation (CBI) obtaining an allegedly inappropriate authorisation to prosecute him under the Prevention of Corruption Act (PCA).
