ED Arrests Yes Bank Founder Rana Kapoor, Questions Wife

Yes Bank founder Rana Kapoor, who was arrested by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA), will be produced before a Mumbai Court on Sunday.

Kapoor was taken to the ED office for questioning on Saturday. He left the ED office along with the officials of the central probe agency this morning.

The agency had conducted raids at Kapoor’s residence located at ‘Samudra Mahal’ residential tower in Mumbai on Friday and registered a case under the Prevention of Money Laundering Act (PMLA) against him.

Wife of Yes Bank founder Rana Kapoor, Bindu Kapoor, on Sunday, arrived at Enforcement Directorate’s office here in Mumbai as her husband has been arrested by the probe agency under the Prevention of Money Laundering Act (PMLA).

The ED officials are likely to quiz Bindu in connection with the case.

Rana Kapoor, who was taken to the ED office for questioning on Saturday, is scheduled to be produced before a Mumbai court.

On Thursday, the Reserve Bank of India (RBI) had said a moratorium has been imposed on Yes Bank, stressing that the bank’s financial capability has undergone a steady decline largely due to the inability of the bank to raise capital.

During the period of moratorium, the Yes Bank Ltd will not, without the permission in writing of the RBI, make in the aggregate, payment to a depositor of a sum exceeding Rs 50,000 lying to his credit in any savings, current or any other deposit account.

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