The bail application of Rana Kapoor, the founder of Yes Bank, in connection with the DHFL loan case filed against him by the Enforcement Directorate (ED), was rejected by the Bombay High Court on Thursday. Justice Prakash Naik stated that even though Kapoor has been in custody for three years, the fact that public funds were involved indicates the severity of the charges against him. Kapoor was arrested on March 8, 2020, by the ED and has remained in custody since then. According to the ED, Kapoor was involved in a criminal conspiracy with DHFL promoters Dheeraj Wadhawan and Kapil Wadhawan to provide undue financial benefits to the company and received kickbacks in return.
The ED alleged that during the period of April to June 2018, the bank invested Rs. 3,700 crores in short-term non-convertible debentures of DHFL while Kapil Wadhawan made a payment of Rs. 600 crores as a kickback disguised as a loan to companies associated with Kapoor.
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