What is Yes Bank crisis? ED raids founder Rana Kapoor residence in Mumbai- Phonepay temporarily shut down

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Details on Yes Bank crisis, Why ED raids founder Rana Kapoor residence in Mumbai and why Phonepay has been shut down temporarily due to Yes Bank Crisis? Read all the details here!

The Enforcement Directorate (ED) on Monday raided the Mumbai residence of Rana Kapoor, the founder of Yes Bank. The raid was conducted in connection with a money-laundering probe against him and others, officials said.

Details: Yes Bank crisis, ED raids founder Rana Kapoor residence in Mumbai, and why Phonepay is not working?

Officials said that the raid is being carried out at his Samudra Mahal residence. Kapoor and his wife are being questioned by a team at their residence.

The action is being conducted under the Prevention of Money Laundering Act (PMLA) and is aimed at the collection of evidence.

The central agency is looking into Kapoor’s role in connection with the disbursal of a loan to corporate identity. Also, the subsequently alleged kickbacks received in his wife’s account.

The case against Kapoor also has links with the DHFL probe. Because the loans lent by the bank to the company allegedly turned NPAs, the officials said.

Other alleged irregularities are also under the scanner.

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The Reserve Bank on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account and superseded the board of the private sector lender with immediate effect.

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