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Crisis-Hit Yes Bank Founder Rana Kapoor Arrested For Alleged Fraud

Rana Kapoor has been charged underneath the Prevention of Cash Laundering Act (Document)


Rana Kapoor, the founding father of crisis-hit hit Yes Bank, has been arrested through the Enforcement Directorate after two days of wondering in an alleged financial institution rip-off. The Reserve Bank of India (RBI) has capped transactions for each Yes Bank consumer at Rs 50,000 for a month, until April three, after the personal financial institution could not provider its money owed following defaults through large companies to whom it had given massive sums.

Mr Kapoor used to be taken to the Enforcement Directorate (ED) place of work for wondering on Saturday. Previous, the probe company performed raids at his space at Samudra Mahal residential tower in Mumbai and filed a case underneath the Prevention of Cash Laundering Act (PMLA) in opposition to him.

In a late-night tweet on Saturday, Yes Bank mentioned its shoppers can now withdraw cash from ATMs. “You’ll now make withdrawals the usage of your YES BANK Debit Card each at YES BANK and different financial institution ATMs. Thank you to your persistence,” the personal lender tweeted.

Yes Bank shoppers were dealing with a difficult time in gaining access to web banking, the usage of fee by way of UPI and chickening out from ATMs after the RBI’s unexpected announcement to curb withdrawals resulted in a scramble to take out cash.


Apprehensive shoppers of Yes Bank stand in a queue to withdraw cash after the RBI capped withdrawals at Rs 50,000

Present account holders have complained of serious issues to provider their money owed and pay salaries, at a time when the spring competition of Holi falls on Tuesday.

The case in opposition to Mr Kapoor is related to the scam-hit Dewan Housing Finance Company (DHFL) because the loans given through the financial institution to the corporate allegedly grew to become bitter, investigators have mentioned. A Rs 600-crore value mortgage given through DHFL to an entity could also be on the centre of the probe, they added.

The ED could also be probing the Yes Bank founder’s alleged function in giving loans to a few companies and alleged kickbacks won in his spouse’s accounts, information company Press Consider of India reported.

Different alleged irregularities also are underneath the company’s scanner, together with one associated with an alleged Workers Provident Fund fraud (EPF) within the Uttar Pradesh Energy Company Ltd.

The CBI lately took over investigation into the Rs 2,267-crore EPF fraud in Uttar Pradesh, the place hard earned financial savings of energy sector workers have been invested in DHFL.

Banking behemoth State Bank of India (SBI) has mentioned it has time until the next day to take a decision on taking 49 in step with cent stake in Yes Bank.

With inputs from PTI

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