InvestorQ : Is it true that the ED currently investigating a major money laundering case into Yes Bank and Cox & Kings?
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Is it true that the ED currently investigating a major money laundering case into Yes Bank and Cox & Kings?

Answer
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3 months ago


The Enforcement Directorate (ED) is in the midst of conducting searches at five locations belonging to Cox and Kings linked to the money laundering probe against Yes Bank co-founder Rana Kapoor and his family. Cox and Kings is a travel agent owned by the Kerkar family of Mumbai. Just to recollect, Ajit Kerkar was the Chairman of Indian Hotels (Taj Group) and later had to leave when Ratan Tata took over as Kerkar was among the satraps like Rusi Mody and Darbari Seth that Ratan Tata wanted out as they did not fit with the new culture he wanted to bring in. The Kerkar family has a history of bankrupting the Tulip Star hotel and hence Cox & Kings hardly comes as a surprise. Yes Bank had an exposure of Rs.2267 crore to Cox and Kings. Peter Kerkar has also been summoned by the ED. Forensic audit of Cox and Kings has revealed that most borrowing transactions C&K and Yes Bank were without proper approvals. ED has filed the first charge sheet naming Cox and Kings, Dewan Housing, ADAG Group, Essel Group among others.