The promoter of travel company Cox and Kings, Ajay Ajit Peter Kerkar, on Saturday was granted temporary bail till June 19 by a special court in a money laundering case concerning Yes Bank in which he had been in custody since Nov 2020.
What is the case about?
As per the Enforcement Directorate’s (ED) case, the travel group had availed loans to the tune of Rs.3,642 crores from Yes Bank and used manipulated finance statements and balance sheets to get the loans.
The amounts were allegedly diverted and siphoned off. The sanctioning of the loans was driven by Yes Bank founder and then MD and CEO Rana Kapoor by defying norms, it claimed.
Mumbai News: BMC To Distribute 19,317 New Tablets To Class 9 Students Across Civic Schools At ₹49.19 Crore Cost
Mumbai News: CBI Gets Custody Of Ex-Bank Of India Officer Until Nov 1 In ₹16 Crore Fraud Involving Dormant, Deceased And Senior Citizen Accounts
Mumbai Tragedy: 25-Year-Old Blue Dart Deliveryman Dies After Being Run Over By Speeding Bus On JVLR, Police Launch Hunt For Driver
Ban On Pigeon Feeding: Jain Monk To Go On Hunger Strike At Azad Maidan From November 3; Another Delegation Meets BMC Commissioner Bhushan Gagrani
