Mumbai: Cox and Kings promoter Peter Kerkar, who was arrested by the Enforcement Directorate (ED) in an alleged money laundering case on Thursday, has been remanded to the agency custody till December 3 on Friday. Also Read - ED Arrests Former TMC MP KD Singh in Money Laundering Case

Earlier in the day, the ED took Peter Kerkar to a hospital for his medical examination. Also Read - Sanjay Raut's Wife Summoned by ED in PMC Bank Fraud Case on December 29

The ED had on Thursday arrested Peter Kerkar under various sections of the Prevention of Money Laundering Act (PMLA) in a case linked to the alleged loan default at the Yes Bank. He was produced before a court later today. Also Read - Farooq Abdullah's Properties Worth Rs 12 Crores Seized by ED in Money Laundering Case

Prior to this, the economic offences watchdog had arrested Cox and Kings Group (CKG) CFO Anil Khandelwal and Internal Auditor Naresh Jain in the matter.

The ED had earlier said that the investigation in the matter had revealed that Cox and Kings Group had forged its consolidated financials by manipulating the balance sheets of overseas subsidiaries and added that some board resolutions submitted to banks for sanctioning the loans were also found to be forged.

According to sources, Cox and Kings Group was one of the biggest borrowers of Yes Bank with an approximate exposure of Rs 2,285 crore.

(With inputs from ANI)