The Supreme Court of India declined to entertain the bail plea of Yes Bank founder Rana Kapoor in a money-laundering case against him.

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The apex court highlighted that this case has had a significant impact on the entire financial system.

During the hearing, the Supreme Court raised concerns about the long duration of the Enforcement Directorate's (ED) investigation into the Rs 3,642-crore Yes Bank scam.

The court emphasized the need to prioritize cases involving substantial stakes and a significant number of individuals. It questioned the delay in the ED's investigation and expressed its dissatisfaction with the pace of progress, reported ANI.

Following the Supreme Court's rejection of the bail plea, Kapoor decided to withdraw the application. The apex court also acknowledged the significant impact of the case on the entire financial system. Kapoor has been in custody since March 2020, linked to the DHFL money laundering case.

(Will be updated)

First Published:Aug 4, 2023 11:43 AM IST