Rana Kapoor sent to ED custody till 11th

■ Agency wants to probe role of family-run companies

The Enforcement Directorate (ED) on Sunday arrested the founder of scam-hit Yes Bank after sustained questioning for misappropriation of funds. The arrest came hours after the Reserve Bank of India (RBI) imposed a moratorium on the disgraced bank and the ED conducted raids at 62-year-old Rana Kapoor’s plush Worli residence late on Friday. Moreover, immigration authorities at Mumbai airport detained Kapoor’s daughter Roshni while she was leaving for London on Sunday evening.

The ED is investigating into a web of shell firms Kapoor had allegedly floated to launder the money with the officials also unearthing investments to the tune of at least `2,000 crore into assets and 44 expensive paintings.

The ED anticipated that the family might leave for London after they found some documents showing their investments there. The ED produced Kapoor in a court on Sunday. While seeking his custody, the authority argued that the agency wants to probe the role of a few companies run by Kapoor family members, as they suspect their involvement, too. The ED also told the court that they want to question these members along with the accused.

While Kapoor’s lawyer argued that he has been selectively targeted by the agency, Kapoor himself told the court that he has been cooperating with the probe agency. He also said that he will fully cooperate

Yes Bank founder Rana Kapoor being taken to a court after being arrested by Enforcement Directorate under money laundering charges, in Mumbai, on Sunday. need Kapoor’s custody. After hearing the arguments, sessions judge S.R. Salunkhe, who was holding charge of the holiday court, remanded Kapoor in ED’s custody until March 11.

“The family is being investigated and LOC has been issued in their names. Details of the monetary transactions in their bank accounts and assets acquisition, including the source of funds, is being looked into,” said an ED officer.

The probe has revealed that the Kapoors allegedly received kickbacks to the tune of `600 crore in one of their shell companies. The source of this fund was traced to an entity linked to DHFL, officials said.

with them and is ready to submit all the documents that the ED wants. He also informed the court about his ill health.

The investigating officers, on the other hand, argued that they need to thoroughly investigate the case and for that, they