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The Supreme Court docket (SC) on Friday denied bail to Sure Financial institution’s founder Rana Kapoor in reference to a cash laundering case lodged.
Kapoor has been accused of receiving ‘kickbacks’ or unlawful gratification for sanctioning dangerous loans.
Saying the order, the courtroom stated the case has “rocked your complete banking system”. “This case rocked the Indian banking system. Sure Financial institution went into problem and the Reserve Financial institution of India (RBI) needed to step in to guard traders,” Justice Sanjiv Khanna stated on Friday.
The courtroom additionally questioned why the investigation by the Enforcement Directorate (ED), probing the Rs 3,642-crore Sure Financial institution rip-off, is taking this lengthy.
Replying to this, the Extra Solicitor Common stated, “There are tons of of shell firms. The investigation is taking a very long time as a result of we are attempting to get info from international international locations.”
In 2018, Sure Financial institution allegedly invested Rs 3,700 crore in short-term debentures of DHFL. It additionally sanctioned a mortgage of Rs 750 crore to a subsidiary of DHFL.
Kapoor allegedly acquired kickbacks of Rs 600 crore by extending a mortgage to DOIT City Ventures (India) Pvt Ltd, which is wholly owned by RAB Enterprises, an organization owned by Kapoor’s spouse and daughters.
