MUMBAI — After two days of grilling, Yes Bank founder Rana Kapoor, one of India’s most high-profile bankers, was arrested by the Enforcement Directorate (ED) on Sunday in a money laundering case.
A senior ED official said, “Yes, we have arrested Kapoor in a money laundering case.”
Kapoor has been booked under the Prevention of Money Laundering Act (PMLA) and other offences days after the Yes Bank crisis erupted.
The arrest came after Kapoor had been grilled since Friday night for his and his family’s links with the stressed-and-controversial realty firm Dewan Housing Finance Corporation Ltd (DHFL).
A co-founder of Yes Bank from 2003-2004, Kapoor later became its MD and CEO but the banking mogul was forced to exit it in September 2018.
As part of the probe, ED sleuths raided Kapoor’s home in Samudra Mahal, residence Worli.
The ED on Saturday also carried out searches at the residence of Kapoor’s three daughters in Mumbai and New Delhi. The three daughters — Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor, were the alleged beneficiaries of the scam.
The ED suspects that Kapoor and two of his daughters, who are directors with Doit Urban Ventures, allegedly received kickbacks from DHFL.
This amount of Rs 4,450 crore is part of the Rs 13,000 crore allegedly siphoned off by DHFL through 79 dummy companies, with Doit Urban Ventures being one of them.