An Indian court on Sunday remanded the founder and former managing director of c...
MUMBAI - An Indian court on Sunday remanded the founder and former managing director of crisis-hit Yes Bank Ltd in police custody until March 11 after he was arrested on money-laundering charges.
India’s Enforcement Directorate, the country’s federal financial crime agency, arrested Rana Kapoor early on Sunday after hours of interrogation and searches at his and his daughters’ residences in Delhi and Mumbai. Sunil Gonsalves, representing the Enforcement Directorate, said at the hour-long hearing the total proceeds of the alleged crime amounted to 43 billion Indian rupees , and that Kapoor had refused to cooperate with the investigation.“I want to cooperate with them,” he told the court through tears. “I’m willing to cooperate day and night despite the fact that I haven’t slept a wink.”
On Thursday, the Reserve Bank of India took control of Yes Bank and said it would work on a revival plan. State Bank of India said on Saturday it would invest funds to buy a 49% stake in Yes Bank as part of the initial phase of a rescue deal for the troubled lender.
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