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Tag: Rana Kapoot

Yes It’s True,Yes Bank Founder Rana Kapoor Arrested

(Mumbai) Yes It’s True,Yes Bank Founder Rana Kapoor Arrested
Yes Bank founder Kapoor Arrested under money laundering charges
The banker was held By ED under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am Sunday as he was allegedly not cooperating in the probe,
Kapoor’s arrest at the ED office in Ballard Estate followed over 20 hours of questioning by the central agency after it raided his residence on Friday night.
The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs.
The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned NPAs, they said.
A Rs 600 crore worth loan extended by the DHFL to an entity is also at the centre of the ED probe, officials said.
The CBI has recently taken over investigation into the Rs 2,267-crore Employees’ Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL).
As per the RBI’s draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.