Central Bureau of Investigation (CBI) raids are underway at seven locations in Mumbai on Monday, in connection with a case against Yes Bank founder Rana Kapoor.
Earlier on Sunday, Rana Kapoor was handed over to the Enforcement Directorate till March 11 by Mumbai's Special Holiday Court.
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.
"As the ED believes that Kapoor took advantage of his position to benefit his daughter's companies, hence custody of Kapoor is needed to investigate his and his daughters' role in the matter," said the lawyer representing ED.
.he agency argued in court that many family companies are involved and there are also some cases of quid pro quo
Regarding the allegations made by the investigative agency, Rana Kapoor told the court that "Despite undergoing medical treatment, I have been cooperating with the agency whenever needed.
Disclaimer: No Business Standard Journalist was involved in creation of this content
