Rana Kapoor, family set up over 20 shell companies for kickbacks: ED probe

YES Bank co-founder Rana Kapoor and his family set up more than 20 shell companies that were allegedly used for receiving kickbacks and investing in properties illegally, the Enforcement Directorate (ED) has found.

The ED arrested Kapoor, 62, early Sunday morning in connection with a money-laundering probe against him and others, three days after India's central bank put YES Bank under a 30-day moratorium and superseded the private lender's board.

Kapoor had set up shell companies, which were directly or indirectly controlled by him, his wife and three daughters, said ED officials.