The Supreme Court has dismissed the bail petition of Yes Bank founder Rana Kapoor, who was arrested in a money laundering case on the grounds that the case rocked the entire financial system.
The Bench of Justice Sanjiv Khanna and Justice S.V.N. Bhatti refused to grant bail to Kapoor, following which, the accused sought liberty to withdraw his petition.
The Yes Bank promoter had moved the top court of the country by way of a special leave petition after the Bombay High Court denied his second bail application, which he had filed on grounds of prolonged incarceration.
The Apex Court directed Kapoor to move his plea after some time before an appropriate court.
The Bench noted that usually, the period undergone was substantial for grant of bail. However in the present case, this was a matter that rocked the entire banking system.
Noting that Kapoor’s actions affected Yes Bank, the Apex Court observed that the alleged financial irregularities caused by Kapoor had such huge implications that the Reserve Bank of India had to step in to protect the investors.
Kapoor, who was arrested in March 2020 under the Prevention of Money Laundering Act, has since remained behind the bars. He was accused of receiving illegal gratification in exchange for sanctioning bad loans to high-profile borrowers.
The post appeared first on .