ED arrests Cox & Kings promoter in money laundering case

Chennai: The Enforcement Directorate has arrested Cox & Kings promoter Peter Kerkar in a money laundering case linked to the alleged loan default at the Yes Bank.

Kerkar alias Ajay Ajit Peter was arrested in Mumbai under various sections of the Prevention of Money Laundering Act (PMLA) and was set to be produced before a court there today.

The case relates to money laundering probe in which the agency had said that Yes Bank had a total outstanding of Rs 3,642 crore against Cox & Kings Group of Companies (CKG).

The role of Kerkar is under probe with regard to alleged loan defaults with a number of banks including the Yes Bank, it is said.