Former Yes Bank CEO to be prosecuted under Prevention of Corruption Act: Report

Rana Kapoor, founder of the Yes Bank was arrested by the Enforcement Directorate (ED) linked with the alleged multi-crore money laundering at Yes Bank. The committee of Yes Bank has ratified the prosecution of former MD and CEO Rana Kapoor under the Prevention of Corruption Act (PCA).

Rana Kapoor, founder of the Yes Bank was arrested by the Enforcement Directorate (ED) linked with the alleged multi-crore money laundering at Yes Bank. The committee of Yes Bank has ratified the prosecution of former MD and CEO Rana Kapoor under the Prevention of Corruption Act (PCA).

This approval came into being just after the Central Bureau of Investigation (CBI) pursued the prosecution sanction; henceforth, the charge sheet filed against the banker was rejected under PCA due to lack of prosecution sanction, The Economic Times reportedly published in a report. In 2018, a notice was said to have a prior sanction by the competent authority to validate the charge sheet under the PCA.

“Once the consent was accorded by the board, the lower court was intimated and since the sections invoked under PCA attract punishment of over seven years, the case papers have been sent to the Sessions court. A supplementary charge sheet has also been submitted before the Sessions court and cognisance is awaited,” a senior official had averred the publication.

Rana Kapoor was detained by the Enforcement Directorate (ED) and is currently in judicial custody.

Currently, the ED is investigating Kapoor, his wife and three daughters on the grounds of fraud over Rs 600 which has been allegedly handled by them by an entity. This activity is closely connected to the scam of Dewan Housing Finance Limited (DHFL) from which Kapoor and his family members and others retrieved benefits of Rs 4,300 crore in return for sanctioning massive loans, the ED alleges.

The ED also avowed that Kapoor is also held accountable for taking bribes for undemanding distribution of loans given to some big corporate groups that had now turned into non-performing assets (NPAs).

Source Money Control
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