Yes Bank: ED raids on Rana Kapoor’s residence, case registered

Samudra Mahal, the residence of Yes Bank founder Rana Kapoor, surrounded by cash crunch, was raided by the Enforcement Directorate (ED) on Friday night.

Officials say that this action has been taken against them in connection with the investigation of the money laundering case. The ED team also questioned Kapoor at his residence.

The ED has registered a case against him and others under the Prevention of Money Laundering Act (PMLA).

Officials say that the purpose of this raid is to gather evidence.

The central agency is investigating the role of Rana in relation to the bank lending to a corporate company and taking bribe in his wife’s bank accounts in return.

The case registered against Kapoor is also related to the DHFL investigation. The loan taken by DHFL from the bank was termed as NPA. Apart from this, some other irregularities are also under investigation of the agency.

Reserve Bank of India (RBI) Governor Shaktikanta Das defended the decision to impose monetary limit on the withdrawal of money from Yes Bank, saying that the problems of the bank in crisis will be resolved at the earliest.

Das said that 30 is the maximum limit and the solution will be resolved as soon as possible.

Talking to reporters, he said that the decision on Yes Bank was not taken for any single entity but keeping in view the wider situation. It also aims to maintain stability in India’s financial and banking sector. He said, I assure you that the banking sector will remain strong and secure further.

At the time of action on Yes Bank, Das said that there have always been debates over immature decisions of RBI and taking long time in it.

Priority has always been given to market and bank based problems of any problem. He said, ‘You have to give time to the bank management to take steps and make efforts. The bank made efforts.

When we saw that we could not wait, we decided to interfere. I think this was the right time to interfere. I can assure you that RBI will come out with a plan soon.

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