The Bombay High Court on Monday refused to grant bail to Yes Bank founder Rana Kapoor, who is accused in a case of money laundering.
Kapoor was arrested in March last year by the Enforcement Directorate (ED).
The central agency is conducting an investigation against Kapoor, his wife, and their three daughters over a sum of Rs 600 crore received by a firm allegedly controlled by them from an entity linked to scam-hit Dewan Housing Finance Limited (DHFL).
In July last year, a special court in Mumbai rejected Kapoor's bail plea following which he approached the HC.
Kapoor's counsel Harish Salve on Monday told a single bench presided over by Justice P D Naik that Rs 600 crore was a loan received by their company and not a kickback.
However, the ED's counsel, Hiten Venegaonkar, opposed the bail plea and told the court that the said company was co-owned by Kapoor's daughters.
Kapoor was arrested by the ED under provisions of the Prevention of Money Laundering Act (PMLA).
As per the ED, Kapoor, his family members and aides allegedly received benefits of Rs 4,300 crore through companies controlled by them as kickbacks for sanctioning huge loans.
The Central Bureau of Investigation (CBI) is also probing a related case.