ED Raid Underway at Yes Bank Founder's Residence in Mumbai

Mumbai (Maharashtra) [India], Mar 7 (ANI): The Enforcement Directorate (ED) raid is underway at Yes Bank founder Rana Kapoor's residence located at 'Samudra Mahal' residential tower in Mumbai.ED conducted the raid on Friday night and it has registered a case under the Prevention of Money Laundering Act (PMLA) against Rana Kapoor.On Thursday, the RBI said a moratorium has been imposed on Yes Bank, stressing that the bank's financial capability has undergone a steady decline largely due to the inability of the bank to raise capital.During the period of moratorium, the Yes Bank Ltd will not, without the permission in writing of the Reserve Bank of India, make in the aggregate, payment to a depositor of a sum exceeding Rs 50,000 lying to his credit in any savings, current or any other deposit account.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)