Enforcement Directorate raids Yes Bank founder Rana Kapoor’s Mumbai house

The Enforcement Directorate (ED) on Friday conducted raids at the Mumbai residence of Yes Bank founder Rana Kapoor.

According to the officials, the searches were conducted in connection with a money-laundering probe against him.

This came after the Reserve Bank of India (RBI) on Thursday capped the withdrawal limit from Yes Bank at Rs 50,000 for depositors and superseded the board of the private sector lender for a period of 30 days.

Prashant Kumar, former-DMD and CFO of State Bank of India (SBI) has been appointed as the administrator of the bank.

The ED registered a case under the Prevention of Money Laundering Act (PMLA) against Kapoor.

The raid was being carried out at his home in Samudra Mahal area.

Meanwhile, a lookout circular has also been issued against Rana Kapoor to prevent him from leaving the country.