Yes Bank founder arrested

EnforcementDirectorate (ED) has arrested the founder of Yes Bank, Rana Kapoor inconnection with a money-laundering case against him and others. He was arrestedfollowing two days of interrogation by the ED in Mumbai. Kapoor was questionedfor over 15 hours on Saturday and was arrested early Sunday morning.

Thecase against Kapoor is linked to the scam-hit Dewan Housing Finance Corporation(DHFL) as the loans given by the Yes bank to the company allegedly turnednon-performing assets (NPAs). The ED recorded his statements under thePrevention of Money Laundering Act (PMLA).

The actionof the ED came after the Reserve Bank of India on Thursday imposed a moratoriumon the capital-starved Yes Bank that capped withdrawals at 50,000 rupees peraccount. The RBI also superseded the board of the private sector lender withimmediate effect.