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ED Arrests Kapil & Dheeraj Wadhawan In Yes Bank Money Laundering Case

In a major development on Thursday, the Enforcement Directorate has arrested DHFL promoters Kapil and Dheeraj Wadhawan in the Yes Bank money laundering case

ED

In a major development on Thursday, the Enforcement Directorate has arrested DHFL promoters Kapil and Dheeraj Wadhawan in the Yes Bank money laundering case. The DHFL promoters have been sent to 10 days judicial custody. 

This comes just two days after the Bombay High Court had rejected their anticipatory bail plea on Tuesday. They were sent to judicial custody after temporary bail was rejected by a special CBI court in Mumbai, on May 10 and sought bail due to the COVID-19 outbreak. Meanwhile, the ED last week has also filed its first charge sheet in the Yes Bank money laundering case against Yes Bank founder Rana Kapoor in a special court in Mumbai.

READ | Yes Bank Case: Bombay HC Rejects Pre-arrest Bail Of DHFL Honchos Kapil & Dheeraj Wadhawan

READ | Embattled Yes Bank's Shares Zoom 20% As It Reports Rs 2,629 Crore Quarterly Profit

What is the Yes Bank crisis?

Yes Bank started facing a crisis as it accumulated many bad loans in 2018 by lending to corporate defaulters such as DHFL, Jet Airways, and Cafe Coffee day, among others. Moreover, when RBI refused to extend the term of founder Rana Kapoor as chief executive in 2018, its management was severely hit with his successor Ravneet Gill managing to raise only one round of funds through a share sale to institutional investors. Currently, the CBI and ED have been investigating several investors who had received loans from Rana Kapoor. Meanwhile, Yes Bank has been restructured by the RBI with SBI as a major stakeholder at 48.21%.

READ | Yes Bank Case: CBI Court Extends Judicial Custody Of Kapil & Dheeraj Wadhawan Till May 13

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