AGENCIES, New Delhi: Yes Bank founder Rana Kapoor’s daughter Roshini was stopped on Sunday from leaving the country at Mumbai International Airport. She was going to London by British Airways. She was stopped at the airport as a lookout notice was issued against her.
Rana was arrested on Sunday after money laundering charges were slapped against him. He was sent to the Enforcement Directorate’s (ED) custody till March 11 by a Mumbai court on Sunday. He was arrested after hours of interrogation and searches was carried out at his and his daughters’ residences in Delhi and Mumbai
ED officials claimed that Rana and his family members allegedly set up over 20 shell companies to receive kickbacks.
A senior ED official on requesting anonymity said, “Kapoor and his family members, including his wife Bindu and three daughters, had set up more than 20 shell companies that were allegedly used to receive kickbacks.”
Weighed down by an increasing pile of bad debt, Yes Bank tried unsuccessfully for months to raise the capital it needs to stay above regulatory requirements.
Meanwhile, Yes Bank account holders are in deep crisis when the Reserve Bank of India imposed a withdrawal limit of Rs 50,000 till April 3. RBI has imposed a moratorium on capital-starved Yes Bank. The decision came after the private bank, which was founded in 2004 in India, failed to raise capital to address potential loan losses.
In a press statement, RBI said, the financial position of Yes Bank has undergone a steady decline largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits.