ED Arrests Yes Bank Co-Founder Rana Kapoor For Rs 4300 Crore Fraud
In the latest case, sources said, Kapoor was placed under arrest in jail as per provisions of the Prevention of Money Laundering Act (PMLA). PTI Outlook Web Bureau 2021-01-27T19:36:47+05:30 ED Arrests Yes Bank Co-Founder Rana Kapoor For Rs 4300 Crore Fraud outlookindia.com 2021-01-27T19:39:02+05:30
Adding another blow to co-promoter of Yes Bank, Rana Kapoor, the Enforcement Directorate (ED) on Wednesday arrested him in yet another case related to money laundering.
The fresh case of money laundering is reported to the tunes of a gigantic amount of Rs 4,300 crore fraud at the PMC Bank in Maharashtra.
February 2021: Know the changes that will affect all of us from next month - Every month, some new rules are introduced or some financial changes are made. It is important for us to understand these properly.
ED arrests Yes Bank co-founder Rana Kapoor in fresh money laundering case
In the latest case, sources said, Rana Kapoor was placed under arrest in jail as per provisions of the Prevention of Money Laundering Act.
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NEW DELHI: The Enforcement Directorate has arrested Yes Bank co-promoter Rana Kapoor in a fresh money laundering case linked to an alleged Rs 4,300 crore fraud at the PMC Bank in Maharashtra, official sources said on Wednesday.
Kapoor, 63, was already in judicial custody after he was arrested by the central probe agency in March last year in connection with alleged financial irregularities and purported kick backs paid to him and his family members in lieu of certain loans provided by the Yes Bank to a number of high-profile borrowers.
YES Bank founder Rana Kapoor arrested by ED in another money laundering case
The Bombay High Court had on Monday refused to grant bail to Kapoor.
BusinessToday.In | January 27, 2021 | Updated 21:32 IST
Kapoor, who was arrested in March last year by the ED in a money laundering case, is already in judicial custody.
The Enforcement Directorate (ED) on Wednesday arrested YES Bank founder Rana Kapoor in another money laundering case related to Mackstar Group and PMC Bank. Kapoor is the third person to be arrested in the case.
On January 23, the ED had arrested Mehul Thakur and Madangopal Chaturvedi in connection with the case. A day earlier, it had conducted raids at 10 premises, including residence of former underworld don Bhai Thakur and offices of Viva Group, controlled by the Thakur family.
Potential investors include the Centrum Group-BharatPe combine and the UK-based Liberty Group
Harried depositors of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank may be allowed to withdraw deposits in a phased manner, spread over 4-5 years, if it gets revived by an equity investor/ group of investors.
Such a move will assure the investor of a relatively stable liability base (deposits) even as the new management goes about mobilising fresh deposits, in all probability under a new brand name, according to sources aware of the modalities of the revival plan.
While the principal withdrawal could be in tranches of either 20 per cent of outstanding deposit each year over the next five years or 25 per cent over the next four years, existing depositors are likely to be allowed unfettered access to the accrued interest.