The Supreme Court of India dealt a significant blow to Yes Bank founder Rana Kapoor on Friday by refusing to grant him bail in a high-profile money laundering case that has shaken the nation's banking system. Kapoor, who has been behind bars since March 2020, stands accused of receiving illegal gratification in exchange for sanctioning bad loans to high-profile borrowers, leading to a major scandal involving the bank.
A bench comprising Justices Sanjiv Khanna and SVN Bhatti dismissed Kapoor's special leave petition challenging the Bombay High Court's decision to deny his second bail application. Kapoor's defense argued for his release on the grounds of prolonged incarceration, emphasizing that he had already spent over three years in jail.
Justice Khanna, however, rebuffed this argument, stating, "Normally, the period undergone is substantial. But, this is a case that rocked the entire banking system." The judge pointed out that Yes Bank's troubles had serious repercussions, including the intervention of the Reserve Bank of India (RBI) to safeguard investors' interests.
The Supreme Court's decision prompted a heated exchange between Kapoor's counsel, Senior Advocate Abhishek Manu Singhvi, and the bench. Singhvi contended that while the case had indeed caused difficulties for Yes Bank, it should not be the sole criterion for keeping Kapoor incarcerated.
Justice Khanna held firm, emphasizing the significance of the case and the necessity of addressing it expeditiously. "There are some cases which are extraordinary," he stated, suggesting that the complexity and magnitude of the allegations required special consideration.
Kapoor's legal team also raised concerns about the lengthy investigation process by the Enforcement Directorate (ED), which cited challenges related to tracing funds through intricate financial transactions and international dealings. Kapoor's lawyers argued that the prolonged investigation was unjust and highlighted the burden on the already overburdened legal system.
The court's dismissal of Kapoor's bail plea sends a strong message about its commitment to tackling cases involving the misappropriation of significant sums of public money. The ruling underscores the need for swift and comprehensive investigations in such cases to ensure justice and deter financial malfeasance.
Rana Kapoor's legal battles extend beyond this money laundering case. He has been linked to various other alleged financial irregularities, including the infamous Yes Bank-DHFL scam and a significant loan fraud case involving Punjab and Maharashtra Cooperative Bank (PMC Bank). Kapoor's legal struggles continue to draw attention to the challenges of maintaining financial integrity within India's banking sector.
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