Enforcement Directorate conducted raids at YES Bank founder Rana Kapoor's residence at Samudra Mahal in Mumbai’s Worli late Friday night.
It is said that Kapoor was being questioned in connection with the bank’s relation with troubled reality firm Diwan Housing Finance Corporation (DHFL).
"Raid at Rana Kapoor’s residence was linked to the agency’s money laundering probe related to DHFL, which is accused of siphoning off around Rs 13,000 crore with the help of 79 fictitious companies and one lakh fictitious customers," Hindustan Times quoted an ED official as saying.
On Thursday, the RBI effectively took control of Yes Bank and appointed an administrator from SBI to overlook operations. The central bank also assured depositors not to panic as the banking regulator along with the central government has been preparing a rescue plan, which is expected to be announced soon.
On Friday, RBI Governor Shaktikanta Das reiterated that a solution will be found 'very shortly,' and that the 30-day moratorium imposed by the central government was the outer time limit which means that the central bank hopes to resolve the crisis in less than a month. Here are a few things you should know.