In a setback for Yes Bank founder Rana Kapoor, the Bombay High Court on Monday rejected his application seeking bail in the multi-crore money laundering case.
Kapoor is one of the prime accused in the Yes Bank scam apart from the promoters of DHFL group - Dheeraj and Kapil Wadhawan.
A bench of Justice Prakash Naik pronounced the verdict rejecting Kapoor's bail plea. However, the detailed order is yet to be made available.
Before Justice Naik, the managing director of Yes Bank argued that he cannot be made to continue in the jail on the sole ground that the probe in the scam was yet to complete.
The Enforcement Directorate (ED) through its special counsel Hiten Venegaonkar argued that if released on bail, Kapoor might sell off all his properties, which would frustrate the entire probe.
However, senior counsels Mahesh Jethmalani and Haresh Salve had argued that the central agency's apprehension was "unfounded."
Venegaonkar had told the bench that the anti-money laundering agency has traced the scam to the tune of Rs 5050 crores.
Notably, the ED has claimed that Kapoor had approved hefty loans to DHFL group promoters and in return, received kickbacks to the tune of Rs 5,050 crore. However, Kapoor disputed the amount and said that the agency has already attached his properties, which are way beyond the amount of Rs 5,050 crore.