Yes Bank founder Rana Kapoor absconding as ED raids his Residence

Yes Bank founder Rana Kapoor absconding as ED raids his Residence

The Enforcement Directorate (ED) conducted raid at Rana Kapoor’s Mumbai residence. However, Yes Bank founder Rana Kapoor was not present at his home. He’s supposedly absconding and he was not found yet to be questioned. Reserve Bank of India has deployed many restrictions to Yes Bank. The bank claimed previously that high rates of interests would benefit the people if they keep money in Yes Bank.  

Interestingly Mr Bhagwan Jaggannath Mandir deposited Rs 545 Crores in the Bank because of this reason. He felt that the high interest rate would benefit him on large scale. Yes Bank was under severe restrictions from the RBI. And it’s evident that the bank will close down soon. Depositors including the followers of BJP are angry with Yes Bank. And they want their money back. Mr Jaggannath was told that he deposited huge sum of money that too as an FD (Fixed Deposit).

If he had deposited his Rs 545 Crores in a major bank then he would’ve been not in trouble. It’s his mistake that he chose Yes Bank and that’s a big mistake. People are worried over how to claim their money safely returned to them.

Chairman Rana Kapoor seems to be underground and no further details of his whereabouts yet found. His residence was raided by the Enforcement Directorate. However, it seems Yes Bank is going to finish and thousands of people will be under deep trouble. Their money might not be returned to them. It’s a big issue and Yes Bank Chairman needs to be questioned as the raid at his residence will be disclosed. The conducted raid has put Rana Kapoor in deep trouble. He, once praised the demonetization and now he’s aware of the collapsing of banks.

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Khalid M Raza

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