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.
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