Yes Bank Founder Rana Kapoor Arrested
The Enforcement Directorate (ED) arrested the founder of crisis-hit Yes Bank, Rana Kapoor. Watch our video to learn more.
Yes Bank is in a very big financial problem. Last week the RBI imposed a withdrawal limit of Rs 50,000 on Yes Bank for 30 days due to all the bad loans given by the bank. Yes Bank Founder Rana Kapoor has been questioned by the Enforcement Directorate (ED) for more than 20 hours. Friday night the ED raided RK’s house for a money laundering case. The ED says that Rana Kapoor and his family created 20 shell companies to receive kickbacks in return for loans.Officials say that his three daughters and his wife are all linked up in the money laundering case.
Rana’s wife received a Rs 600 crore kickback (bribe) from a company named DHFL. After this Yes Bank gave them a loan of Rs 4,450 crore.On Saturday the ED even raided the houses of his three daughters. Yesterday RK was arrested by the ED.Yes Bank founder Rana Kapoor's daughter Roshini Kapoor was going to London yesterday. She was stopped from leaving the country at Mumbai International Airport.The State Bank of India is now trying different options to save the Yes Bank.
