Yes Bank founder Rana Kapoor's home raided by Enforcement Directorate

The ED conducted searches at Kapoor's Mumbai residence shortly after Finance Minister Nirmala Sitharaman's presser on Friday addressing the Yes Bank crisis, The Economic Times reported.

Sources told the publication that Kapoor and his wife Bindhu were also questioned by the probing agency.

A lookout circular has also been issued against Kapoor, Bindhu, and former Yes Bank directors, preventing them from leaving the country.

The ED's probe into Kapoor is in connection with a money laundering case concerning Dewan Housing Finance Corp Ltd promoter Kapil Wadhawan and his brother Dhiraj Wadhawan.

The case pertains to the alleged purchase of properties of the late drug baron Iqbal Memon.

It is alleged that the Wadhawan brothers siphoned off Rs. 12,700 crore from DHFL. They are currently out on bail.

FM Sitharaman on Friday held a press conference where she blamed "malpractices" by the Yes Bank's top leadership as the reason behind the Centre's decision to restructure the bank's management. She added, "A member resigned after CBI tightened the noose."

She also said, "There were wrong asset classifications together with risky credit decisions." The FM also assured depositors that their money was safe.

The RBI on Thursday imposed a 30-day moratorium on cash-starved Yes Bank, limiting cash withdrawals at Rs. 50,000.

The move came as the Yes Bank delayed its third-quarter financial results amid a steady decline in its financial health.

The RBI also superseded the bank's board and appointed former State Bank of India CFO Prashant Kumar as the bank's administrator for the next month.