ED Raids Mumbai Residence of YES Bank founder Rana Kapoor, Action Taken in Money Laundering Case

The Enforcement Directorate (ED) on Friday raided the residence of Yes bank founder Rana Kapoor in Mumbai. Significantly, the money laundering case is under investigation against Kapoor.
ED Raids Mumbai Residence of YES Bank founder Rana Kapoor, Action Taken in Money Laundering Case

The Enforcement Directorate (ED) on Friday raided the residence of Yes bank founder Rana Kapoor in Mumbai. Significantly, the money laundering case is under investigation against Kapoor. Officials said that raids are being conducted at his Samudra Mahal residence. This action has been taken under the Prevention of Money Laundering Act and its purpose is to gather more evidence. It is worth noting that due to the worsening condition of the private sector Yes Bank, the RBI has imposed a cap of Rs 50,000 on the withdrawal of money, i.e. any account holder of the bank can withdraw only 50 thousand rupees in a month.

The conditions for withdrawal of money are also that even if a customer has more than one account, he will be able to withdraw only 50 thousand rupees by including all the accounts. This ban has started from March 5, which will continue till April 3. During this time, the bank's board will hold by RBI. The RBI has taken this decision after consultation with the government. For a long time, the financial condition of Yes Bank has been bad and the bank was trying to raise funds for a long time.

Seeing the concern of the account holders, Finance Minister Nirmala Sitharaman assured that their money is completely safe and this crisis will be resolved soon. Finance Minister Nirmala Sitharaman said in a press conference that the plan for the reorganization of Yes Bank is ready. Yes Bank will fulfill all its responsibilities and will clear all its liabilities.

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