(Image source from: Business-standard.com)
ED Says Rana Kapoor Used YES Bank For Illegal Activities:- Rana Kapoor, the Managing Director of YES Bank has been facing allegations in the scam that saw light recently. The Enforcement Directorate conducted a thorough investigation which said that Rana Kapoor carried out illegal activities through which he created wealth for himself and his family members. The ED filed a charge sheet which was filed against the co-founder of YES Bank. 62-year-old Rana Kapoor is suspected of money laundering and ED identified that the scam went on for several years. ED says that Rana Kapoor promoted a poor credit and compliance culture and a lack of institutionalization.
This brought the survival of YES Bank into question said the Enforcement Directorate. YES Bank has been under huge financial stress. Rana Kapoor was arrested on March 8th about money laundering and illegal assets case. The Reserve Bank of India (RBI) slapped a moratorium on the bank and dissolved the governing board. State Bank of India opted to rescue YES Bank. Rana Kapoor is facing allegations of sanctioning loans worth Rs 30,000 crores out of which Rs 20,000 crores turned out into a non-performing asset. Rana Kapoor accepted these allegations during the investigation.