The Supreme Court on Friday refused bail to Yes Bank founder Rana Kapoor in connection with a money laundering case involving Dewan Housing Finance Corporation (DHFL).
A bench of Justices DY Chandrachud and Surya Kant said that there were "serious allegations" against Kapoor and that there was a "likelihood of tampering with evidence" if he was released on bail.
The court also said that Kapoor's health was not a ground for granting bail.
Kapoor was arrested by the Enforcement Directorate (ED) in March 2022 in connection with the DHFL money laundering case. The ED had alleged that Kapoor had diverted funds from Yes Bank to DHFL through fraudulent means.
Kapoor has denied the allegations against him.
The Supreme Court's decision to refuse bail to Kapoor is a setback for the former banker. It is also a reminder that the courts are taking a tough stance on money laundering cases.
The DHFL money laundering case is a major case that has implications for the Indian banking system. The case is also a reminder of the need for vigilance in the financial sector.
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