The Enforcement Directorate (ED) said on Friday it has found 19 new companies linked to Yes Bank’s founder Rana Kapoor, who has been arrested on money laundering charges, and his family, which might have been used for laundering money.
The central agency, which probes financial crimes, disclosed the information before the special Prevention of Money Laundering Act court on Friday where Kapoor was produced. The court sent Kapoor to judicial custody till April 2. The ED had custody of Kapoor till March 20.
The ED claimed it is now looking into the money trail, and investigating how the money has flown into these companies.
It had earlier claimed that Kapoor and his family members were linked to around 78 companies where he is alleged to have diverted funds. Now, after a further probe, the agency has claimed there are 19 more companies which are linked to his family taking the number to 97.
The agency has been claiming that during his tenure, Kapoor was instrumental in sanctioning loans worth Rs 30,000 crore out which accounts worth Rs 20000 crore have turned into a non-performing asset (NPA).
Kapoor, it has been alleged, accepted illegal gratification while granting loans and money was diverted through these companies.
{{/usCountry}}Kapoor, it has been alleged, accepted illegal gratification while granting loans and money was diverted through these companies.
{{/usCountry}}The agency would now probe the money trails in these companies.
Rana Kapoor said when he was produced before the court that he has been unwell. He told the court that he is suffering from low immunity and acute depression.
His lawyer Abad Ponda submitted before the court that a person with low immunity was very susceptible to Covid-19.
“It is a very precarious situation, if he goes there (to jail) he might catch something which is very very serious,” Ponda said in the court after Kapoor was remanded to judicial custody.
The court directed authorities to take proper care and provide him with medicine as per the advice of the medical officer.
Yes Bank founder Rana Kapoor is under investigation for suspected money laundering worth Rs 4300 crore, along with his family members, through several shell companies that are being probed for diversion of funds.
He is also under probe for his alleged role in engendering massive non-performing assets that led to a moratorium by the Reserve Bank of India (RBI) on Yes Bank. He was arrested on March 8.