ED conducts raid at Yes Bank founder Rana Kapoor's Mumbai residence

According to media sources, Enforcement Directorate (ED) conducts raid at Yes Bank founder Rana Kapoor's Mumbai residence. Enforcement Directorate has registered a case under the Prevention of Money Laundering Act against Rana Kapoor.

The raid is being carried out at his Samudra Mahal residence in the western metropolis. The action is being conducted under the Prevention of Money Laundering Act (PMLA) and is aimed at collecting more evidence, the officials said.

The central agency is probing Kapoor's role in connection with the disbursal of a loan to a corporate entity and the subsequently alleged kickbacks that were reportedly received in his wife's accounts.

Some other alleged irregularities are also under the agency's scanner, they added.