Former Yes Bank Founder Rana Kapoor Sent to ED Custody Till March 11

New Delhi: A Mumbai court on Sunday sent former Yes Bank founder Rana Kapoor to Enforcement Directorate custody till March 11. He was produced before Mumbai’s Special PMLA court.

Kapoor was arrested by ED under money laundering charges in the wee hours on Sunday after being interrogated for almost 20 hours by the probe agency officials.

The former Yes Bank founder was placed under arrest around 3 am under the provision of the Prevention of Money Laundering Act (PMLA) as he was allegedly not cooperating in the probe, PTI reported quoting officials.

As part of the probe, ED sleuths had raided Kapoor’s residence in Samudra Mahal residence in Worli over the past two days. Yesterday, he was taken to the ED Office at Ballard Pier for detailed interrogation.

Besides Kapoor, the accounts of his wife Bindhu, their three daughters – Rakhee Kapoor-Tandon, Roshni Kapoor and Radha Kapoor – are also under the ED scanner.

The ED’s action comes after the Reserve Bank of India (RBI) imposed a moratorium on the capital-starved Yes Bank and capped withdrawals at Rs 50,000 per account till further orders.

The bank’s board was also superseded “owing to serious deterioration in the financial position of the bank”.