According to an official, the Enforcement Directorate (ED) arrested Yes Bank Founder Rana Kapoor under money laundering charges in the wee hours of Sunday. He has been reportedly held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 a.m. as he was allegedly not cooperating in the probe
ED arrests Rana Kapoor for money laundering
The central agency is also probing Kapoor’s role in connection with the disbursal of loans to some corporate entities and the subsequently alleged kickbacks reportedly received in his wife’s accounts.
On Saturday, the agency widened its probe in the case as the premises of Mr. Kapoor’s three daughters in Delhi and Mumbai were searched to gather more information and evidence.
According to officials, Mr. Kapoor’s wife Bindu and daughters — Rakhee Kapoor Tandon, Roshni Kapoor, and Radha Kapoor — are allegedly linked to some companies to which the suspected “proceeds of crime” have been traced.
The officials also informed that other alleged irregularities are also under the agency’s scanner, including the one related to the alleged PF fraud in the Uttar Pradesh power corporation,
Meanwhile, after the Enforcement Directorate (ED), the Central Bureau of Investigation (CBI) is all set to probe the Yes Bank scam. The ED has also shared few documents with the CBI in connection with the money-laundering case against the Yes Bank Founder Rana Kapoor.
The case against Rana 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).
According to some sources, CBI is also in touch with the finance ministry, the Reserve Bank of India (RBI) and other government agencies in connection with the case. The CBI can either initiate a Preliminary Enquiry (PE) or might go ahead and directly file a regular case (FIR) in the case.
Speaking in the Yes Bank crisis, Finance Minister Nirmala Sitharaman had said, “The governance issues in Yes Bank were of serious nature. There was a wrong asset classification and risky credit-issuing habits. The RBI took some concrete steps and we have been informed about.”
The ED action came after the Reserve Bank on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account and superseded the board of the private sector lender with immediate effect.
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