Yes Bank’s Founder Rana Kapoor Arrested For Alleged Fraud

He’ll maintain their custody until March 11. The Reserve Bank of India (RBI) has restricted trades for each Yes Bank consumer at Rs 50,000 for a month, until April 3, following the personal lender could not service its debts after defaults by large companies to whom it had lent large amounts.

Before, the stunt agency conducted raids in his home in Samudra Mahal residential property at Mumbai and registered a case under the Prevention of Money Laundering Act (PMLA) against him.

At a late-night tweet on Saturday, Yes Bank said its clients are now able to withdraw cash from ATMs. “You are now able to make refunds with your YES BANK Debit Card both in YES BANK along with other bank ATMs. Thank you for your patience,” the personal creditor tweeted.

Yes Bank clients have been facing a challenging time in obtaining online banking, using payment through UPI and withdrawing from ATMs following the RBI’s surprising statement to curtail withdrawals caused a struggle to take money out.

Worried clients of Yes Bank stand in a queue to draw cash following the RBI restricted withdrawals at Rs 50,000

Current account holders have complained of acute problems to support their debts and cover wages, particularly as soon as the spring festival of Holi is only two weeks away.

The case against Mr Kapoor is connected to this scam-hit Dewan Housing Finance Corporation (DHFL) since the loans provided by the lender to the business supposedly turned sour, researchers have said.

Yes Bank used public money to get DHFL debentures worth Rs 3,700 crore, the research bureau told a court in Mumbai today. They declared DHFL gave Rs 600 crore into DoIT Ventures as”kickbacks”. They stated the security was just Rs 40 crore for the trade.

“Kapil Wadhwan and Rana Kapoor entered into criminal conspiracy to defraud public cash,” the research agency stated.

He filed prior to the court he does not hold any talk of DoIT and his brothers are directors , along with the loan is still believed performing advantage of DHFL.

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