Mumbai court sends Yes Bank founder to ED custody till Mar 11

Mumbai: Mumbai Special Holiday Court on Sunday sent Yes Bank Founder Rana Kapoor to the custody of the Enforcement Directorate till March 11.

Rana Kapoor, who was taken to the ED office for questioning under the Prevention of Money Laundering Act (PMLA) on Saturday, was arrested in the wee hours of Sunday.

Earlier in the day, Kapoor’s wife arrived at Enforcement Directorate’s office here for questioning.

The agency had conducted raids at Kapoor’s residence located at ‘Samudra Mahal’ residential tower in Mumbai on Friday and registered a case under the PMLA against him.

On Thursday, the Reserve Bank of India (RBI) had 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.

READ:  2nd ODI: Smith fires yet again as Aus set 390-run target for India

During the period of moratorium, the Yes Bank Ltd will not, without the permission in writing of the RBI, 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.

Subscribe us on The Siasat Daily - Google News
Back to top button