Court rejects bail of Cox and Kings ex executives in the Yes bank loan default case

YES BANK FRAUD LAW INSIDER IN

Shweta Tambade

On 9th December, a special court of Money Laundering Act or PMLA court in Mumbai denied the bail plea of a former Chief Financial Officer and an ex internal auditor of Cox and Kings group.

They were arrested by the Enforcement Directorate (ED) in link with its probe in the Yes Bank loan default case. The ED, in its probe, had found that Yes Bank has an outstanding of Rs. 3642 crores in respect of Cox and King Group of Companies (CKG).

P P Rajvaidya, a special judge, opposed the bail application of former CFO Anil Khandelwal and Former internal auditor Naresh Jain.

In October 2020, they were arrested under the provisions of the Prevention of Money Laundering Act, (PMLA) Act.

Yes bank Co-promoter Rana Kapoor, 62, had got into a criminal conspiracy with Kapil Wadhawan DHFL promoter for round-tripping of funds.

Loans from Yes Bank to DHFL landed in companies – DoIT Urban Ventures (INDIA) Pvt Ltd – owned by the daughters of Rana Kapoor, the probe agency alleged.

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