Yes Bank file
Yes Bank file

Chief Financial Officer of Cox and Kings Group Anil Khandelwal and its internal auditor Naresh Jain were on Saturday remanded in judicial custody by a city court till October 31 in connection with the Yes Bank loan default case.

Jain has filed a bail plea before the court. The court asked the Enforcement Directorate’s (ED) response on the bail plea. Both of them were arrested on 6 October by the ED in connection with the money laundering of loans obtained from the debt-ridden Yes Bank.

After their custody ended on 13 October, the court had extended their custody for investigation till October 17.

According to the agency’s complaint, the group had availed various loans totalling Rs 3,642 crore from Yes Bank. Khandelwal and Jain had allegedly manipulated the finance statements and balance sheets in order to divert the loan amount and siphon it.

The sanctioning of the loans to the group had been driven by Yes Bank founder and then MD and CEO Rana Kapoor by defying the norms. Kapoor is said to have directed the bank officials to continue the loan and not make efforts to recover it.

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