Authorities at the Mumbai airport on Sunday stopped Roshni Kapoor, the daughter of Yes Bank founder Rana Kapoor, from leaving India. She was reportedly on her way to London when she was stopped. This was after Rana Kapoor was arrested and the Enforcement Directorate searched homes of his three daughters namely Roshni, Rakhee Kapoor Tandon and Radha Kapoor.
Roshni is a director of the DoIt Urban Ventures India Pvt. Ltd, which is alleged to have received a loan of Rs 600 crore from Dewan Housing and Finance Ltd. This was after her father’s Yes Bank had bought debentures worth Rs 3.700 crore of DHFL.
The ED had issued a lookout notice against Roshni and her other two sisters. Rana Kapoor has been sent to ED custody till 11 March.
The crisis in Yes Bank came to limelight after the Reserve Bank of India last week formally suspended the bank’s board of directors and issued a moratorium. The RBI also imposed a withdrawal limit of Rs 50,000 for customers having their accounts in Yes Bank. Demands had grown for the arrest of Rana Kapoor, who had famously hailed Prime Minister Narendra Modi’s demonetisation announcement calling it a masterstroke.
The RBI has taken control of the beleaguered bank, while the government-owned State Bank of India has said that it will buy 49 percent stakes in the bank founded by Rana Kapoor before working out its bail-out deal.
The collapse of Yes Bank has brought a fresh spotlight on the Centre’s Narendra Modi government since two other financial institutions namely Dewan Housing and Punjab & Maharashtra Co-operative Bank have already failed in the last one year.