NEW DELHI: Enforcement Directorate (ED) registers PMLA (Prevention of Money Laundering Act) case against Yes Bank founder Rana Kapoor, a source from the ED said.
According to the officials, ED raids underway at Rana Kapoor's residence in Mumbai and other locations in the late night.
"We have registered case under PMLA. There are searches happening at few locations regarding Yes Bank case. At this point of time we cannot reveal more, " an official said, without giving more details about this.
As per the initial information, the PMLA case by ED against Kapoor is a continuation of its investigations against DHFL where it has found fund diversion to the tune of Rs 12,733 crore to 80 alleged shell entities using 1 lakh fake borrowers.
Officials said that these transactions date back to 2015. Earlier this day the Finance Minister, Nirmala Sitharaman had said that the investigative agencies are looking into the matter and the role of individual directors including promoters.
Sources in the finance ministry had already indicated that investigative agencies are likely to join the investigation soon.
"While our government is completely committed to ensure that the depositors’ interest is completely safeguarded, equally I want the RBI to ensure that due process of law is set to roll with a sense of urgency, so that we should find out as to who led to this problem of this size and magnitude at Yes Bank,” said Sitharaman in her briefing post RBI announcement of restructuring plan for the Yes Bank.
The RBI on Thursday imposed a moratorium on Yes Bank and capped withdrawals at Rs 50,000 per account until further orders. The board of Yes Bank has also been superseded with immediate effect, the central bank said in a statement late evening.