SC denies bail to Yes Bank founder Rana Kapoor, Says case Rocked the Entire Financial System

New Delhi (India), 05/08/23: The Supreme Court of India turned down Yes Bank founder Rana Kapoor’s bail application in a money-laundering case. The Supreme Court stated that this decision had a substantial impact on the whole financial system.

The Supreme Court expressed worry throughout the hearing regarding the length of the Enforcement Directorate’s (ED) investigation into the Rs 3,642-crore Yes Bank fraud.

The court emphasised the need of prioritising cases having considerable stakes and a large number of people. It questioned the ED’s investigation’s delay and voiced discontent with the rate of progress.

Kapoor decided to drop the bail application when the Supreme Court denied it. The Supreme Court also highlighted the case’s major influence on the whole financial system. Kapoor has been detained since March 2020 in connection with the DHFL money laundering scandal.