Mumbai: The Enforcement Directorate (ED) on Monday raided at least five premises linked to global tour and travel company Cox and Kings in Mumbai in connection with the Yes Bank money laundering probe.
Cox and Kings is one of the top borrowers of the bank, with an exposure of about Rs 2,267 crore. It is the second borrower to be searched by the agency after DHFL.
A senior ED officer confirmed the development and said searches being underway. The agency had summoned Peter Kerkar, promoter of Cox and Kings, in March.
ED, in a recently filed charge-sheet, had quoted former Yes Bank CEO Ravneet Gill as saying that he analysed the asset portfolio of the bank and found it had assumed very large exposures (relative to its net worth) to many entities that were facing significant stress and liquidity.
It also said that for the quarter ended March 31, 2019, the bank disclosed a credit watch list with names of clients vulnerable to short-term slippages. The notable cases where large non-performing assets arose included ADAG group, Dewan Housing Finance, Essel Group, Cox and Kings, Omkar Group, Radius Developer, Sahana Developers and Avanta group.
The agency recently filed a charge-sheet in connection with the Yes Bank fraud against the bank’s former chief operating officer and managing director, Rana Kapoor, his Bindu, and daughters Rakhee, Roshni and Radha in a special Prevention of Money Laundering Act (PMLA) court in Mumbai.
ED officials said the charge-sheet also named entities allegedly associated with them – Morgan Credits, RAB Enterprises (India) Private Limited and Yes Capital India Private Limited.
The agency, which probes financial crimes, conducted searches under provisions of PMLA last Wednesday.
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