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ED questions Yes Bank founder Rana Kapoor

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New Delhi, Mar 07: The Enforcement Directorate on Saturday continued questioning Yes Bank founder Rana Kapoor in connection with a money laundering probe against him and others. Kapoor was brought to the agency's office in the Ballard Estate area Saturday afternoon.

The probe agency had on Friday raided the Mumbai residence of Yes Bank founder Rana Kapoor on Friday night, a day after the crisis-hit bank was placed under a moratorium with withdrawals capped at Rs 50,000.

Yes Bank founder Rana Kapoor
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Bank on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account and superseded the board of the private sector lender with immediate effect.

Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

As per 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.

    NEWS AT 3 PM, MARCH 7th, 2020

    Yes Bank update: FinMin in continuous interaction with Reserve Bank

    The raids come on a day finance minister Nirmala Sitharaman had spoken about Yes Bank's funding of stressed corporate such as DHFL as one of the reasons for its failure.

    Rana Kapoor joined Bank of America (BoA) as a management trainee in 1980. He worked at BoA for at least 16 years where he managed corporate, government and financial institution clients.

    In September 2018, Yes Bank announced that they had ordered Kapoor to step down from his CEO position in January 2019.

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