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Yes Bank founder Rana Kapoor being grilled by ED, SBI working on restructuring plan

The Enforcement Directorate is probing money laundering charges against founder
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Yes Bank founder Rana Kapoor has allegedly siphoned off thousands of crores
  • Bulletin Hours
  • March 7, 2020

AGENCIES, New Delhi/Mumbai: Crisis-hit Yes Bank founder Rana Kapoor was taken to the Enforcement Directorate’s (ED) South Mumbai office on Saturday morning for questioning.

On Friday night, the ED had raided Kapoor’s residence and carried out searches a day after the Reserve Bank of India put Yes Bank under a moratorium and capped withdrawals for its depositors at Rs 50,000 till April 3.

According to an official, the ED seized records and documents from his residence and office premises. The agency is investigating alleged kickbacks received to Rana’s close relative over sanctioning of loans.

Kapoor was questioned in connection with the bank’s exposure to troubled realty firm Dewan Housing Finance Corporation (DHFL) that is suspected to have contributed to the bank’s ballooning non-performing assets (NPAs) and which led to the RBI’s intervention on Thursday.

The ED is also probing a money laundering case against DHFL which is accused of siphoning off around Rs 13,000 crore with the help of 79 fictitious companies and one lakh fictitious customers.

The RBI set aside Yes Bank’s board on Thursday and appointed an administrator, Prashant Kumar, ex-chief financial officer of the State Bank of India (SBI) to run its affairs for the next 30 days, during which a plan to revive the stressed bank will be put in action.

In another development on Saturday, State Bank of India’s Chairman Rajnish Kumar said SBI has received the plan on Yes Bank restructuring and is conducting due diligence and will revert to the RBI by Monday. Under the government’s rescue plan, SBI will pick up a 49 per cent stake in Yes Bank.

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