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Yes Bank Case: Enforcement Directorate Raids Five Premises Of Cox & Kings In Mumbai
The Enforcement Directorate (ED) raided five places in relation to a well known global tour and travel company called Cox and Kings in Mumbai. This company was in connection with a Yes Bank money laundering investigation.
Cox and Kings is one of the leading borrowers of the bank, with an exposure of about Rs. 2267 crores. After DHFL, Cox was the second borrower to be searched by the agency. The Ed talked about the research being under way as well as the promoter of Cox and Kings, Peter Kerkar, was summoned by the agency earlier in March. Lately, in a charge sheet that was filed, ED stated that a former Yes Bank CEO Ravneet Gill said that he examined the asset portfolio of the bank and discovered that large exposures, which are relative to its net worth, to many enterprises that were facing serious stress and liquidity. It also stated that for the quarter ended on March 31, 2019, the bank revealed a credit watch list with the names of the clients more prone to short term slippages. The significant instances in the case of large non-performing assets came into light included ADAG group, Dewan Housing Finance, Essel Group, Cox and Kings, Omkar Group, Radius Developer, Sahana Developers and Avanta group.
The ED filed a charge sheet in relation to the Yes Bank fraud in opposition to the bank’s former chief operating officer and managing director i.e. Rana Kappor and his daughters in a unique Prevention of Money Laundering Act in a court in Mumbai. The charge sheet also reveals the names of the entities that are apparently associated with them- Morgan Credits, RAB Enterprises (India) Private Limited and Yes Capital India Private Limited.. Thus the agency, in accordance with the provisions of the PML Act, conducted searches and probed financial crimes recently, on a Wednesday.
