Yes Bank founder arrested


Enforcement Directorate (ED) has arrested the founder of Yes Bank, Rana Kapoor in connection with a money-laundering case against him and others. He was arrested following two days of interrogation by the ED in Mumbai. Kapoor was questioned for over 15 hours on Saturday and was arrested early Sunday morning.

The case against Kapoor is linked to the scam-hit Dewan Housing Finance Corporation (DHFL) as the loans given by the Yes bank to the company allegedly turned non-performing assets (NPAs). The ED recorded his statements under the Prevention of Money Laundering Act (PMLA).

The action of the ED came after the Reserve Bank of India on Thursday imposed a moratorium on the capital-starved Yes Bank that capped withdrawals at 50,000 rupees per account. The RBI also superseded the board of the private sector lender with immediate effect.

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