ED arrests Cox & Kings promoter Peter Kerkar in money laundering case

ED arrests Cox & Kings promoter Peter Kerkar in money laundering case

Cox & Kings owes Rs 5,500 crore to various banks. The firm was also one of the biggest borrowers of YES Bank when it was under the founder Rana Kapoor, and owes over Rs 2,267 crore to the lender

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Cox & Kings was sent to bankruptcy court in October 2019Cox & Kings was sent to bankruptcy court in October 2019
BusinessToday.In
  • Nov 27, 2020,
  • Updated Nov 27, 2020 8:38 AM IST

The Enforcement Directorate has arrested Ajay Ajit Peter Kerkar, the promoter of bankrupt travel company Cox & Kings, in connection with a money laundering case. The company was sent to bankruptcy court in October 2019 after it defaulted on payments. Earlier it was promoted by Kerkar and his family.

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Cox & Kings owes Rs 5,500 crore to various banks. The firm was also one of the biggest borrowers of YES Bank when it was under the founder Rana Kapoor, and owes over Rs 2,267 crore to the lender.

Earlier this month, the Central Bureau of Investigation (CBI) filed an FIR against Ezeego One Travel & Tours Limited, a sister company of Cox & Kings, for defrauding YES Bank over Rs 900 crore. The account with an amount of Rs 946.44 crore was reported as fraud to the Reserve Bank of India on February 14, 2020. The CBI filed the FIR based on the complaint of YES Bank.

The Enforcement Directorate has arrested Ajay Ajit Peter Kerkar, the promoter of bankrupt travel company Cox & Kings, in connection with a money laundering case. The company was sent to bankruptcy court in October 2019 after it defaulted on payments. Earlier it was promoted by Kerkar and his family.

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Cox & Kings owes Rs 5,500 crore to various banks. The firm was also one of the biggest borrowers of YES Bank when it was under the founder Rana Kapoor, and owes over Rs 2,267 crore to the lender.

Earlier this month, the Central Bureau of Investigation (CBI) filed an FIR against Ezeego One Travel & Tours Limited, a sister company of Cox & Kings, for defrauding YES Bank over Rs 900 crore. The account with an amount of Rs 946.44 crore was reported as fraud to the Reserve Bank of India on February 14, 2020. The CBI filed the FIR based on the complaint of YES Bank.

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