A day after the Reserve Bank of India imposed a moratorium on Yes Bank and superseded its Board of Directors, the Enforcement Directorate on Friday raided the Mumbai residence of its founder Rana Kapoor.

The raids were conducted in connection with a money-laundering probe against him, officials said.

PTI reported that the ED is probing Kapoor's role in connection with the disbursal of a loan to a corporate entity and the subsequent alleged kickbacks that were reportedly received in his wife's accounts.

Officials reportedly said some other alleged irregularities are also under the agency's scanner.Earlier, Union Finance Minister Nirmala Sitharaman had said that investigative agencies and SEBI noticed malpractices by top executives of Yes Bank in March 2019.

Incidentally, Kapoor was forced to quit as the CEO of the bank in January 2019 after the RBI rejected the board’s recommendation to extend his term by three years.

The action comes a day after RBI imposed a moratorium on the troubled private lender for a month and capped the withdrawal limit at Rs50,000.