The Enforcement Directorate (ED) has arrested Ajay Peter Kerkar, the promoter of Cox and Kings, in connection with a money-laundering probe. He was arrested in Mumbai under various sections of the Prevention of Money Laundering Act (PMLA) and will be produced before a court there on Friday. The company owes Rs 5,500 crore to banks and financial institutions. It is one of the top borrowers of Yes Bank, when co-founder Rana Kapoor was at the hemp. Yes Bank has an exposure of more than Rs 2,267 crore to Cox & Kings group. The case relates to the Enforcement Directorate's money laundering probe in which the central probe agency had said that Yes Bank had a total outstanding of Rs 3,642 crore against Cox & Kings Group of Companies (CKG). The role of Kerkar is under probe with regard to alleged loan defaults with a number of banks including the Yes Bank, official sources said.
The agency had raided a number to former executives of the beleaguered tours and travel services firm along with Kerkar in June as part of multiple searches conducted by it in Mumbai. It has also arrested its ex-chief financial officer Anil Khandelwal and internal auditor Naresh Jain in October in this case. The company currently is undergoing corporate insolvency resolution process. The ED had alleged Khandelwal and Jain had "purchased various immovable properties from the funds diverted from Cox & Kings Group (CKG)."
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