ED Raids Yes Bank Former CEO's House, Issues Lookout Notice

by GoNews Desk 4 months ago Views 2106
ED Raid Yes Bank Former CEO's House, Issues Lookou
The Enforcement Directorate (ED) on Friday raided the Mumbai residence of Yes Bank's former CEO Rana Kapoor and registered a case against him for money laundering. A lookout notice has also been issued against him.

Investigative agencies have begun tightening their grip on Rana Kapoor, founder and former CEO of Yes Bank, the country’s fourth-largest private sector bank, which is currently dealing with a cash crisis.

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The ED raided ‘Samudra Mahal’, Kapoor’s Mumbai home and questioned him for several hours.

During the raids, the ED team also searched through documents related to Yes Bank. Kapoor is accused of arbitrarily distributing massive loans to people through Yes Bank based on his personal relations with them.

Amid this, a lookout notice has also been issued against Kapoor, after which he cannot leave the country.

Meanwhile, after the Reserve Bank of India (RBI) fixed a cash withdrawal limit of Rs 50,000 per month on Yes Bank accounts, huge crowds of people were seen outside the bank and its ATMs on the second consecutive day on Friday.

The Yes Bank crisis has also had an impact on digital wallet PhonePe, and apps like Flipkart and Swiggy, with the biggest blow being dealt to PhonePe, whose services remained suspended for the entire day on Friday. However, they resumed late at night. 

Yes Bank does not only have common people’s accounts but also bank accounts of Lord Jagannath Temple and Gujarat’s Rajkot Municipal Corporation. Around Rs 545 crore belonging to Lord Jagannath Temple and Rs 164 crore of the Rajkot Municipal Corporation are deposited in Yes Bank.

On Friday, along with Finance Minister Nirmala Sitharaman, the RBI Governor also asked Yes Bank customers not to panic and assured them that their deposits in the bank are completely safe.

Amid this, the RBI has announced a restructuring plan for Yes Bank.

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