The Bombay High Court on Monday rejected the bail plea of Yes Bank co-founder Rana Kapoor in the money laundering case, which is being investigated by the Enforcement Directorate (ED).

The ED had attached assets worth Rs 2,800 crore of Rana Kapoor and others in the case related to money laundering. These included some foreign assets as well. Rana Kapoor’s London and New York flats were also attached.

The ED alleged that Rana Kapoor and his family members and others took bribes to give large bank loans. These people made illegal earnings of about Rs 4,300 crore. This debt later became a non-performing asset (NPA). Kapoor was arrested by the ED in March last year.

Also Read: Allahabad High Court seeks response from UP authorities over steps taken to protect river Ganga

Earlier in July last year, the special PMLA (Prevention of Money Laundering Act) court also dismissed Rana Kapoor’s bail plea in the money laundering case.