Rana Kapoor is currently in the custody of the Enforcement Directorate until Wednesday.
The Central Bureau of Investigation (CBI) on Monday carried out searches at seven locations linked to Yes Bank co-founder Rana Kapoor, who is accuses of receiving Rs 600 crore in bribe by Dewan Housing and Finance Ltd (DHFL). All the raids were carried out at the residence and official premises of the accused in Mumbai.
The agency has alleged that Mr Kapoor, 62, entered into a criminal conspiracy with Kapil Wadhawan, DHFL promoter, for extending financial assistance to DHFL through Yes Bank in return for substantial undue benefits to himself and his family members through companies held by them, officials said.
According to the CBI FIR, the scam started taking shape between April and June, 2018 when Yes Bank invested Rs 3,700 crore in short-term debentures of the scam-hit Dewan Housing Finance Corporation Ltd (DHFL). In return, Wadhawan allegedly "paid kickback of Rs 600 crore" to Rana Kapoor and family members in the form of loan to DoIT Urban Ventures (India) Pvt Ltd, they said.
Rana Kapoor was sent to the custody of the Enforcement Directorate until Wednesday by a court in Mumbai on Sunday following his arrest on money-laundering charges.
On Thursday, RBI took control of Yes Bank and said it would work on a revival plan. State Bank of India (SBI) said on Saturday it would invest funds to buy a 49 per cent stake in Yes Bank as part of the initial phase of a rescue deal for the troubled lender.
Last week finance minister Nirmala Sitharaman said Yes Bank had granted loans to entities including bankrupt Dewan Housing and Finance Ltd (DHFL).
The bank is the third significant Indian financial institution to unravel in the last six months, following the RBI's moves to take control of Dewan Housing and Punjab & Maharashtra Co-operative Bank.