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ED Conducts Raid At Yes Bank Founder's Mumbai Residence

ED has registered a case under the Prevention of Money Laundering Act against Kapoor.

Photo Credit : Ritesh Sharma

The Enforcement Directorate (ED) here on Friday conducted a raid at residence of Yes Bank founder Rana Kapoor.

ED has registered a case under the Prevention of Money Laundering Act against Kapoor. On Thursday, the RBI 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 Reserve Bank of India, 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.

Meanwhile, Union Finance Minister Nirmala Sitharaman has said that RBI will bring in a reconstruction plan for Yes Bank within the moratorium period of 30 days so that the depositors do not face any issues.

(ANI)


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enforcement directorate rana kapoor