Yes Bank Crisis: Rana Kapoor Sent To ED Custody Till March 11

Yes Bank Crisis: Kapoor's arrest at the ED office in Ballard Estate followed over 30 hours of questioning by the central agency after it raided his residence on Friday night.

Delhi: Mumbai Special Holiday Court on Sunday sent Yes Bank Founder Rana Kapoor to the custody of the Enforcement Directorate till March 11.  Rana Kapoor, who was taken to the ED office for questioning under the Prevention of Money Laundering Act (PMLA) on Saturday, was arrested at around 4am on Sunday. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) as he was allegedly not cooperating in the probe, they said. Kapoor's arrest at the ED office in Ballard Estate followed over 30 hours of questioning by the central agency after it raided his residence on Friday night. Earlier in the day, Kapoor's wife arrived at Enforcement Directorate's office here for questioning. The agency had conducted raids at Kapoor's residence located at 'Samudra Mahal' residential tower in Mumbai on Friday and registered a case under the PMLA against him. On Thursday, the Reserve Bank of India (RBI) had said a moratorium has been imposed on Yes Bank, stressing that the bank's financial capability has undergone a steady decline largely due to the inability of the bank to raise capital. Also Watch:  During the period of moratorium, the Yes Bank Ltd will not, without the permission in writing of the RBI, make in the aggregate, payment to a depositor of a sum exceeding Rs 50,000 lying to his credit in any savings, current or any other deposit account. The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned NPAs, they said. A Rs 600 crore worth loan extended by the DHFL to an entity is also at the centre of the ED probe, officials said. The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts. Other alleged irregularities are also under the agency's scanner including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added.