Yes Bank founder Rana Kapoor taken to ED office in Mumbai

Mumbai: Yes Bank founder Rana Kapoor was taken to Enforcement Directorate (ED) office for questioning on Saturday.

Earlier, the agency conducted raids at Kapoor’s residence located at ‘Samudra Mahal’ residential tower in Mumbai on Friday and registered a case under the Prevention of Money Laundering Act (PMLA) against him.

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.

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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.

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