ED raids Yes Bank founder Rana Kapoor’s house in Mumbai

Mumbai: The Enforcement Directorate (ED) on Friday raided the Mumbai residence of Yes Bank founder Rana Kapoor in connection with a money laundering probe against him, officials said.

They said the raid is being carried out at his Samudra Mahal residence in the western metropolis.

According to PTI,  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 Mr. Kapoor’s role in connection with the disbursal of a loan to a corporate entity and the subsequent alleged kickbacks that were reportedly received in his wife’s accounts. Some other alleged irregularities are also under the agency’s scanner, they added.