Sunday, October 2, 2022

Yes Bank crisis: ED raids bank founder Rana Kapoor’s residence

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A day after the Reserve Bank of India (RBI) suspended the Yes Bank’s managing board and put a cap of Rs 50,000 withdrawal for its customers, the Enforcement Directorate (ED) raided bank’s founder Rana Kapoor’s residence in Worli’s Samudra Mahalate in Mumbai on Friday. Reports said the investigating agancy has been grilling Kapoor in relation to DHFL money laundering case.
Meanwhile, the ED has also issued a look out notice against Kapoor so that he cannot leave the country. An official told the media that actions have been taken under the Prevention of Money Laundering Act (PMLA) and the agency is trying to collect more evidence in the case.
The central agency has a doubt on Kapoor that he might had helped loss-making companies to get the hefty loans and his wife’s accounts are also being checked, said an officer.
He added that the agency is also scanning some other funds related irregularities.
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Earlier the day, Finance Minister Nirmala Sithraman assured Yes Bank customers that their deposits and liabilities are totaly safe and they don’t need to worry at all.
She said the RBI was continuously monitoring Yes Bank’s performance since 2017, and only after reviewing bank’s poor performance the RBI decided to put the restrictions.

She assured the Yes Bank employees that they no need to worry and their salaries for at least one year would be given.

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