ED gets Rana Kapoor's custody in fresh money laundering case

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Mumbai, Jan 27 (PTI) A special court here on Wednesday sent Yes Bank co-founder Rana Kapoor to the ED custody till January 30 after his arrest in a fresh money laundering case of over Rs 200 crore registered by the Central probe agency.

Kapoor (63) is in jail under judicial custody since March last year after being arrested by the Enforcement Directorate (ED)in a case pertaining to sanctioningloans to certain firms allegedly against kickbacks.

The ED sought his custody after formally placing him under arrest in Mumbai on Wednesday in the new case registered under the Prevention of Money Laundering Act (PMLA).

The fresh case has been registered against Rana is in relation to Mauritius-based joint venture company Macstar, a sister concern of HDIL (Housing Development and Infrastructure Ltd).

The central probe agency told the special PMLA court that HDIL promoters, Sarang and Dheeraj Wadhawan, who had minority stake in Macstar, mortgaged a property of the company and obtained a loan of Rs 203 crore from Yes Bank.

According to ED counsel Hiten Venegaokar, after the loan was sanctioned and credited into the account of Macstar, it was shiphoned off and transferred into the HDIL account.

The amount was later used for payment of certain loans which the Wadhawan had taken from Yes Bank, Venegaokar told the court.

Accepting ED submissions, special court judge A A Nandgaonkar remanded Kapoor in the central agency's custody till January 30.

In previous cases, among other things, the central probe agency is investigating Rs 600 crore received by a company allegedly controlled by Kapoor, his wife and three daughters from an entity linked to the scam-hit Dewan Housing Finance Ltd (DHFL).

Kapoor and his family members allegedly got benefits worth Rs 4,300 crore through the companies controlled by them as kickbacks for sanctioning huge loans, the ED has alleged.

The disgraced banker is also accused of receiving bribes for going easy on recovery of loans given to some big corporate groups, which had turned into non-performing assets (NPAs), when he headed the lender.

Kapoor, in jail for nearly 10 months, has denied bail multiple times.

Most recently, his bail plea was rejected by the Bombay High Court on Monday. PTI AVI RSY RSY