India's crisis-hit Yes Bank's founder arrested

Sunday, 8 March 2020 12:09

The founder of India's crisis-hit Yes Bank has been arrested by the Enforcement Directorate in an alleged scam.

Rana Kapoor has been detained under money laundering charges after two days of questioning.

The Reserve Bank has now taken control of the private lender and said it would work on a revival plan.

Meanwhile, the cash withdrawal limit for each account holder has been capped at Rs 50,000 per month.

The move comes after the bank couldn't service its debts following defaults by big companies to whom it had loaned large amounts.

More from International News

Fire in rebel-held east Congo kills 24 schoolchildren

A fire in Congo's rebel-controlled city of Bukavu killed at least 24 children as it destroyed two schools and burned down around 300 wooden houses, an official from the rebel administration told Reuters on Thursday.
Trump touts $5,000 payout if Republicans win as Vance waits in wings

President Donald Trump capped the first day of his Republican Party's first-ever midterm convention by proposing to pay every US adult a $5,000 "Trump dividend" if his party wins November's congressional elections.
Search expands after Philippine ferry fire kills five and leaves dozens missing

A large-scale search and rescue operation was underway off the western Philippine island of Palawan on Thursday after a passenger ferry caught fire, killing five people and leaving dozens of passengers missing.
Trump says Iran war to end after US midterm elections

President Donald Trump said he expected the war with Iran to end after the November US midterm elections after the two sides launched their biggest wave of attacks on shipping since the start of the six-month-old war.
At least 20 killed in cargo vessel fire at China shipyard, state media reports

At least 20 people have been killed in a fire aboard a foreign cargo vessel undergoing repairs at a state-owned shipyard in the eastern Chinese city of Qingdao on Thursday, state media reported, with five others still missing.

UAE to invest 40 billion euros in Germany to deepen economic ties
The UAE has announced plans to invest 40 billion euros in Germany, targeting key sectors including industry, advanced technology, artificial intelligence, digital infrastructure and energy.
UAE, Germany announce new agreements and strategic dialogue
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and German Chancellor Friedrich Merz have witnessed the announcement of a series of agreements, memoranda of understanding and letters of intent aimed at expanding cooperation.
UAE affirms commitment to relations with all countries
The UAE has expressed hope that Algeria’s decision to sever diplomatic relations will be temporary, while reaffirming its commitment to strong relations with all countries.