TIL Desk/Business/Chennai/ Yes Bank founder Rana Kapoor, arrested on money laundering charges, was remanded in the Enforcement Directorate’s custody till March 11 by a Mumbai court on Sunday.
Kapoor, 62, former MD and CEO of the private bank, was arrested by the Enforcement Directorate under provisions of the Prevention of Money Laundering Act around 3 am on Sunday as he was allegedly not cooperating in the probe, officials earlier said.
He was arrested after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the Reserve Bank of India and Union government initiated action to control its affairs. The ED produced Kapoor before a holiday court which remanded him in the probe agency’s custody till March 11.
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