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According to the ED, the cash laundering probe revealed that the Cox and Kings group had an impressive of ₹3,642 crore in direction of Yes Bank.
The Enforcement Directorate (ED) has arrested Anil Khandelwal, former chief monetary officer of Cox & Kings Limited (CKL), and its inner auditor, Naresh Jain, in reference to the Yes Bank case. The company has received their seven-day custody.
According to the ED, the cash laundering probe revealed that the Cox and Kings group had an impressive of ₹3,642 crore in direction of Yes Bank. The group allegedly fabricated its consolidated financials by manipulating the steadiness sheets of abroad subsidiaries.
Some board resolutions submitted to banks for sanctioning the loans have been additionally discovered to be solid. Yes Bank gave loans in violation of the norms, on the occasion of its then chairman-cum-managing director, Rana Kapoor, it’s alleged.
“During 2015-19, sales of ₹3,908 crore was made to 15 non-existent/fictitious customers. A majority of collection shown in ledgers from a CKG entity, Ezeego, was not found in the bank statements. There are fictitious 15 high-value debtors reflected in the books of accounts. Another 147 sets of customers also appeared to be suspicious and non-existent,” mentioned an ED official.
The company alleges that CKL diverted ₹1,100 crore to a different pressured firm, with none approval of the board, which had no enterprise relationship with it.
“During the whole process, Mr. Khandelwal and Mr. Jain acquired mortgaged property amounting to ₹63 crore in their owned business entity, Reward Business Solutions, without paying a single penny from their pocket,” the official mentioned. The accused additionally purchased varied immovable properties from the diverted funds.
The company mentioned that from Ezeego, ₹150 crore have been diverted to Redkite Capital Private Limited, which was promoted by Mr. Khandelwal’s relations. “Investigations conducted so far has revealed that the bank transactions of the Cox and Kings Group are not matching with the books of accounts…,” it mentioned.
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