Rana Kapoor, the co-founder and former CEO of Yes Bank, is facing money laundering charges and will be staying in custody until at least March 20, a court has decided.
He was arrested on March 8 and is being accused of having breached India’s Prevention of Money Laundering Act and is alleged of not cooperating in the money laundering probe against the former Yes Bank executive, Bloomberg reported.
The Reserve Bank of India (RBI) seized control of the troubled lender a few days before Kapoor was arrested, the BBC reported.
India’s federal financial agency has accused Kapoor of having committed crimes that amounted to roughly $581m, the BBC reported.
The banker was originally supposed to only be held until March 11, which was first extended to March 16 and now until March 20.
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