A Delhi court today dismissed the bail application of former MD & CEO of YES Bank Rana Kapoor, co-accused in the Rs. 466.51 Crore Yes Bank scam saying that his arrest under section 45 of the Prevention of Money Laundering Act, 2002 is justified by the ED.
Special Judge Sanjeev Aggarwal at Rouse Avenue Court, after hearing the arguments from both sides on the details of several aspects of the case including the scope of section 45 of Prevention of Money Laundering Act (PMLA), 2002, disposed of the application of Mr. Rana Kapoor.
The Special Judge also allowed the Bail Applications moved on behalf of other employees of the Avantha Group Companies, who have been arraigned as co-accused in an alleged case of wrongful loss to YES Bank, to the tune of rupees Rs. 466.51 Crore, registered by the Enforcement Directorate.
The employees of the Avantha Group were represented by Senior Advocates Mr. N Hariharan and Mr. PK Dubey, as well as Mr. Sandeep Kapur, Senior Partner, Karanjawala & Co. and assisted by his team comprising Mr. Vir Sandhu, Mr. Vivek Suri, Ms. Niharika Karanjawala, Ms. Apoorva Pandey, Mr. Mridul Yadav, Mr. Abhimanshu Dhyani, Mr. Sahil Modi, and Ms. Kajal, advocates from Karanjawala & Co.
The Directorate of Enforcement was represented by Central Government Standing Counsels Amit Mahajan, and NK Matta. LAB/SNG/