Yes Bank creator Rana Kapoor, detained on cash laundering charges, was on Sunday remanded to the Enforcement Directorate’s (ED) custody till March 11 by a Mumbai court.
Mr. Kapoor, 62, former MD and CEO of the personal bank, was apprehended by the ED under arrangements of the Avoidance of Cash Laundering Act (PMLA) here around 3 a.m. on Sunday as he was presumably not complying in the probe, officials had previously said.
He was detained after charges of supposed financial irregularities and mismanagement in the operations of the personal bank emerged and the Reserve Bank of India (RBI) and the Central federal government initiated action to control its affairs.
The ED produced Mr. Kapoor before a vacation court which remanded him to the probe agency’s custody till March 11.
The ED informed the court that the role of particular companies run by Mr. Kapoor’s member of the family needed to be developed and they would need to face these persons with the implicated.
Also Check Out
