<p>The Supreme Court denied YES Bank founder Rana Kapoor’s bail application on Friday, stating that the case had “rocked the entire banking system.”</p>
<p>The Supreme Court also questioned why the Enforcement Directorate (ED) is taking so long to probe the Rs 3,642-crore YES Bank case.<img decoding=”async” class=”alignnone wp-image-111404″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-the-supreme-court-denied-rana-kapoors-bail-application-download-2023-08-04t181931.076.jpg” alt=”” width=”1196″ height=”796″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-the-supreme-court-denied-rana-kapoors-bail-application-download-2023-08-04t181931.076.jpg 275w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-the-supreme-court-denied-rana-kapoors-bail-application-download-2023-08-04t181931.076-150×100.jpg 150w” sizes=”(max-width: 1196px) 100vw, 1196px” /></p>
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<p>“This case rocked the Indian banking system,” Justice Sanjiv Khanna said in rejecting the bail motion. The Reserve Bank of India (RBI) had to intervene to safeguard investors when YES Bank ran into difficulties.”</p>
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<p>“When there are high stakes and a large number of people involved, you must prioritize cases.” If the ED probe is taking so long, something is amiss,” he remarked.</p>
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<p>“There are hundreds of shell companies,” claimed the Additional Solicitor General (ASG) representing the ED. Because we are attempting to get information from other nations, the inquiry is taking a lengthy time.”</p>
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<p>“The bank was put in difficulty,” senior lawyer Abhishek Manu Singhvi, who was representing Rana Kapoor, told the court. “But that’s no reason to keep a man behind bars indefinitely.” He has been imprisoned since March 8, 2020. He has been imprisoned for more than three years and has received more than the lowest punishment imaginable.”</p>
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<p>In response, the ASG advised the court that the inquiry is challenging.</p>
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<p>When the court responded that it saw no need to interfere in the case, Abhishek Singhvi argued that the probe is never-ending and that the PMLA court is overworked.</p>
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<p>Singhvi has also said that no public monies were lost and that Rana Kapoor left office in 2019.</p>
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<p>The DHFL money laundering case involves YES bank staff misselling the bank’s AT1 (Additional Tier-1) bonds to individual investors.</p>
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<p>It was claimed that the bank and some officials failed to advise investors of the risk associated while selling AT-1 bonds in the secondary market from 2016 to 2019.</p>
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<p>Rana Kapoor, the company’s founder, has been imprisoned since March 2020.</p>
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