ED takes Cox and Kings promoter for medical tests

Enforcement Directorate took Cox and Kings Group promoter Peter Kerkar, who was arrested by the agency in an alleged money laundering case yesterday, to a hospital for his medical examination.

Mumbai (Maharashtra): The Enforcement Directorate (ED) on Friday took Cox and Kings Group promoter Peter Kerkar, who was arrested by the agency in an alleged money laundering case yesterday, to a hospital for his medical examination.

The ED had yesterday arrested Peter Kerkar under various sections of the Prevention of Money Laundering Act (PMLA) in a money laundering case linked to the alleged loan default at the Yes Bank. He will be produced before a court later today.

Earlier, 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.

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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.

(ANI)