By Abhirup Roy
MUMBAI (Reuters) – An Indian court on Sunday remanded the founder and former managing director of crisis-hit Yes Bank Ltd (NS:) in police custody until March 11 after he was arrested on money-laundering charges.
India’s Enforcement Directorate, the country’s federal financial crime agency, arrested Rana Kapoor early on Sunday after hours of interrogation and searches at his and his daughters’ residences in Delhi and Mumbai.
Kapoor was produced in a Mumbai court in western Maharashtra state and a case of money laundering has been registered against him.
Sunil Gonsalves, representing the Enforcement Directorate, said at the hour-long hearing the total proceeds of the alleged crime amounted to 43 billion Indian rupees ($581.07 million), and that Kapoor had refused to cooperate with the investigation.
Kapoor denied this.
“I want to cooperate with them,” he told the court through tears. “I’m willing to cooperate day and…