Yes Bank Founder Rana Kapoor Arrested

Yes Bank is in a very big financial crisis. Last week the RBI imposed a withdrawal limit of Rs 50,000 for a month. This was 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 Kapoor’s house. The ED officials said that Kapoor was involved in a money laundering racket where he set up 20 shell companies. There were many companies that wanted loans. A prominent company such DHFL gave a Rs 600 crore kickback to kapoor’s wife, through one of the shell companies. After this Yes Bank gave them a loan of Rs 4,450 crore. Giving out loans like this is completely illegal. The ED even raided the houses of his three daughters. Officials say that the entire family is involved in this scam. Kapoor has been arrested by the ED. Kapoor’s daughter Roshini Kapoor was leaving for London yesterday at the Mumbai International Airport. However she was stopped from leaving the country. The State Bank of India is now trying different options to save the Yes Bank.

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