Money Laundering Case: Cox and Kings Promoter Peter Kerkar Remanded to ED Custody Till Dec 3

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.

Updated: November 27, 2020 4:59 PM IST

By India.com News Desk | Edited by Priyanka

Enforcement Directorate, Bhushan Power and Steel Ltd, Sanjay Singal, Money laundering

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:

Earlier in the day, the ED took Peter Kerkar to a hospital for his medical examination.

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.

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)

For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest Business News on India.com.

Published Date: November 27, 2020 4:58 PM IST

Updated Date: November 27, 2020 4:59 PM IST