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Yes Bank Founder Rana Kapoor Arrested By ED On Money Laundering Charges

Enforcement Directorate have arrested Yes Bank founder Rana Kapoor under money-laundering charges in Mumbai in the early hours of Sunday, officials said.

The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said.

Kapoor’s arrest at the ED office in Ballard Estate followed over 20 hours of questioning by the central agency after it raided his residence on Friday night.

The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs.

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