The Supreme Court on
Friday rejected bail plea of YES Bank's founder Rana Kapoor in connection with
a money laundering case, saying the case had "rocked the entire banking
system".
The court also
questioned why the Enforcement Directorate (ED) is taking so long to
investigate the Rs 3,642-crore YES Bank scam.
"This case rocked
the Indian banking system. YES Bank went into difficulty and the Reserve Bank
of India (RBI) had to step in to protect investors," Justice Sanjiv Khanna
stated.
"You have to take
cases on priority where there are heavy stakes and a large number of persons
involved. There is something wrong if the ED investigation is taking so
long," he added.
In response, the
Additional Solicitor General (ASG) said, "There are hundreds of shell
companies. The investigation is taking a long time because we are trying to get
information from foreign countries."
Meanwhile, senior advocate
Abhishek Manu Singhvi, appearing for Rana Kapoor, told the court, "The
bank was put in difficulty but that's no reason to keep a man behind bars
indefinitely. He's been behind bars since March 8, 2020. He has been
incarcerated for over three years and has undergone more than the minimum
sentence possible."
"Once they get
bail, the trial will never end," the Supreme Court said. The ASG then
informed the court that it is a complicated investigation.