ED raids Yes Bank founder Rana Kapoor's house in Mumbai

MUMBAI: The Enforcement Directorate on Friday raided the Mumbai residence of Yes Bank founder Rana Kapoor in connection with a money laundering probe against him, officials said.
They said the raid is being carried out at his Samudra Mahal residence in the western metropolis.
The action is being conducted under the Prevention of Money Laundering Act (PMLA) and is aimed at collecting more evidence, the officials said.
The central agency is probing Kapoor’s role in connection with the disbursal of a loan to a corporate entity and the subsequent alleged kickbacks that were reportedly received in his wife’s accounts.
Some other alleged irregularities are also under the agency’s scanner, they added.
Yes Bank has been grappling with mounting bad loans. The bank has been trying to raise $2 billion in fresh capital since February 2019. It has also delayed its December-quarter results which was supposed to be released last month.
On Thursday, Yes Bank was placed under a moratorium, with the Reserve Bank of India (RBI) capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board.

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