Mumbai, March 8: YES Bank founder Rana Kapoor on Sunday was sent to Enforcement Directorate (ED) custody till March 11. The Mumbai's Special Holiday Court pronounced its order in connection with money laundering charges against him. Kapoor was arrested in the wee hours of Sunday by ED officials and was produced in the Court today. After two days of grilling, the founder of the crisis-hit bank was arrested under the provision of the Prevention of Money Laundering Act (PMLA) as he was allegedly not cooperating in the probe. YES Bank Says Depositors Can Use Debit Cards to Withdraw Money From ATMs.

Along with the Prevention of Money Laundering Act (PMLA), Kapoor has also been booked under other offences days after the Yes Bank crisis erupted. Kapoor was being grilled since Friday night for his and his family's links with the stressed-and-controversial realty firm Dewan Housing Finance Corporation Ltd (DHFL).

On Saturday, the ED officials carried out searches at the houses of Kapoor's three daughters in Mumbai and New Delhi. Reports inform that his three daughters -- Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor, were the alleged beneficiaries of the scam. Earlier, ED too had suspected that Kapoor and two of his daughters, who are directors with Doit Urban Ventures, allegedly received kickbacks from DHFL.

Amid the crisis, former SBI CFO Prashant Kumar was appointed as administrator of Yes Bank. The YES Bank, which has been one of India's most high profile bankers, has over 1,000 branches and 1,800-plus ATMs across the country.

(The above story first appeared on LatestLY on Mar 08, 2020 01:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).