Wednesday, August 10, 2022

Yes Bank founder Rana Kapoor breaks down in court as ED, CBI level corruption charges

Yes Bank founder Rana Kapoor, who was grilled by the Enforcement Directorate (ED) from last 2 days, broke down in a Mumbai court today after the Central Bureau of Investigation (CBI) leveled corruption charges against him.
The investigation agency in its report said on Kapoor’s recommendations, Yes Bank invested in bankrupted DHFL in return of favours to a company owned by his daughters.
Earlier on Sunday, after hours of grilling and several raids at Rana Kapoor and his daughters’ residences and offices in Delhi and Mumbai, the investigating agency produced the 62-year-old in a Mumbai court with proofs against of financial frauds.
Sunil Gonsalves, who was presenting ED, in court, said that the scam involved over Rs 4,300 crore, adding that Rana Kapoor didn’t cooperated during the probe.
The accused denied allegations, with tears in eyes, stating he wanted to cooperate with officials.
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He said he is willing to cooperate to the fullest despite the fact that he hasn’t slept from last 3 days even for a minute.
Defense lawyer Zain Shroff countered saying his client has been made a scapegoat as the agencies, RBI, Yes Bank and Government has been facing public outrage.
The Reserve Bank of India (RBI) on Friday suspended the Yes Bank managing board and put a Rs 50,000 on cap withdrawal for Yes Bank customers till April 3.
Finance Minister Nirmala Sitharaman had addressed a press conference to assure bank customers that their money, deposits, liabilities are totally safe and soon the situation would be normal.

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