Mumbai. The Enforcement Directorate (ED) on Sunday arrested Yes Bank founder Rana Kapoor, considered one of India's most high-profile bankers, in a cash laundering case. A senior ED official has stated that now we have arrested Kapoor in a cash laundering case. At the identical time, ED expanded the scope of its investigation and likewise raided the residence of his three daughters. An ED supply stated that the Central Investigation Agency has expanded its investigation into the Yes Bank rip-off and is conducting searches at three places in Mumbai and New Delhi.
A number of days after the Yes Bank disaster surfaced, Kapoor was arrested underneath the Prevention of Money Laundering Act (PMLA) and different offenses. <! –
His arrest comes after Kapoor and his household had an affair with the controversial realty agency Dewan Housing Finance Corporation Limited (DHFL). Kapoor, who was co-founder of Yes Bank within the 12 months 2003-2004, later turned its MD and CEO, however was pressured to step down in September 2018.
As a part of the investigation, ED officers raided the Samudra Mahal, Kapoor's residence in Worli. The ED official stated that a whole lot of deceptive paperwork had been discovered throughout the search and the company investigated DHFL's promoters and their relationship with different corporations.
The Enforcement Directorate (ED), in addition to interrogating Yes Bank founder Rana Kapoor in Mumbai, broadened the scope of its investigation and raided the residence of their three daughters. An ED supply stated that the Central Investigation Agency has expanded its investigation into the Yes Bank rip-off and is conducting searches at three places in Mumbai and New Delhi. The supply stated that searches had been being carried out on the residential premises of Rana Kapoor's three daughters Rakhi Kapoor Tandon, Roshni Kapoor and Radha Kapoor. The supply stated that the residential complexes of Kapoor's daughters are being searched as a result of they’re alleged beneficiaries of the rip-off.
A senior ED official related to the investigation stated that "Kapoor is being questioned about loans given by Yes Bank to Dewan Housing Finance Limited (DHFL)". The officer stated that many deceptive paperwork have been discovered throughout the search and that the company desires to interrogate its contacts with DHFL promoters and different corporations. Kapoor's alleged function in lending to an organization and alleged flaws in his spouse's checking account are additionally underneath investigation.
The Reserve Bank of India (RBI) suspended the Yes Bank Board for 30 days, after which the motion of the Directorate of Enforcement has now come to gentle. The RBI has additionally appointed an administrator for this and checking account holders are allowed to withdraw solely Rs 50,000 a month. Former SBI CFO Prashant Kumar has been appointed because the administrator of Yes Bank. Yes Bank has greater than 1,000 branches and greater than 1,800 ATMs throughout the nation.