Court extends ED custody of Rana Kapoor till March 16

A PMLA court in Mumbai on Wednesday extended the Enforcement Directorate custody of Yes Bank founder Rana Kapoor till March 16.

Kapoor was produced before the PMLA court at the end of his three-day custody. Kapoor was arrested by the Enforcement Directorate on Saturday night. ED had sought seven days of custody.

Kapoor was handed over to the Enforcement Directorate till March 11 by Mumbai's Special Holiday Court on Sunday. While making a request for five-day custody of Kapoor, the ED made a "verbal submission" to the court detailing the alleged financial irregularities of Yes Bank and DHFL.

Last week, the central bank suspended the board of directors at India's fourth-largest private bank and imposed the withdrawal limit on account holders till April 3 citing its poor financial health due to bad loans.

The Enforcement Director earlier argued in court that many family companies are involved and there are also some cases of quid pro quo made out of the case.

"We need a throughout the investigation and need to confront all these people to the accused," the lawyer representing ED said.