Yes Bank founder Rana Kapoor sent to ED custody till March 11

New Delhi: Yes Bank founder Rana Kapoor was handed over to the Enforcement Directorate till March 11 by Mumbai’s Special Holiday Court on Sunday. While making a request for five-day custody of Kapoor, the ED made a “verbal submission” to the court detailing the alleged financial irregularities of Yes Bank and DHFL.

As the ED believes that Kapoor took advantage of his position to benefit his daughter’s companies, hence custody of Kapoor is needed to investigate his and his daughters’ role in the matter, said the lawyer representing ED.

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

“We need a throughout the investigation and need to confront all these people to the accused,” the lawyer representing ED said.

Earlier, Enforcement Directorate (ED) had issued lookout notice against #YesBank founder Rana Kapoor and his family including his wife Bindu Kapoor, daughters Rakhee Kapoor Tandon, Radha Kapoor and Roshni Kapoor. https://t.co/EV84LX0mYp

— ANI (@ANI) March 8, 2020

On the allegations made by the investigative agency, Rana Kapoor told the court that “Despite going through medical treatment, I have been cooperating with the agency whenever needed.”

He also said that the DHFL was given a loan as it was a triple-A-rated company.

“My daughters received money as part of empowering women scheme and their companies are performing well and are paying off the loan on time,” he added.

He also alleged that he was made to sign 7-page documents and he is being specifically targeted by the ED. Meanwhile, the Yes Bank founder also told the court that he was taken to two hospitals by the ED as he was having “hallucinations.”

After listening to both the arguments, the court sent Rana Kapoor to the custody of ED till March 11. (ANI)