ED raid underway at Yes Bank founder's residence in Mumbai

Enforcement Directorate raid is underway at Yes Bank founder Rana Kapoor's residence located at 'Samudra Mahal' residential tower in Mumbai. ED conducted the raid on Friday night and it has registered a case under the Prevention of Money Laundering Act (PMLA) against Rana Kapoor. On Thursday, the RBI 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.