YES Bank money-laundering case: ED arrests Cox & Kings promoter Kerkar

The Enforcement Directorate will produce Kerkar in the Mumbai sessions court on Friday

The Enforcement Directorate (ED) on Thursday arrested Cox & Kings (CKL) promoter Ajay Ajit Peter Kerkar in connection with the YES Bank money-laundering case. The beleaguered tour and travels company, one of the top borrowers of the private lender, owes Rs 5,500 crore to a clutch of banks and non-banking financial institutions.

The move follows a series of arrests of CKG executives, including that of erstwhile chief financial officer (CFO) Anil Khandelwal and internal auditor Naresh Jain, in the case. Confirming the development, an ED official said Kerkar would be produced in the Mumbai sessions court on Friday and his custody for at least five days will be sought for interrogation.

The CKG group and its promoter came under the ED scanner when the agency started investigating the books of YES Bank and its top borrowers. During the probe, the ED came across lenders’ enquiry against the tour firm and found that in October 2018, a year before it went bust, CKL sold its education tour business in Europe for 467 million pounds (Rs 4,387 crore), with the stated aim of reducing debt and maximising shareholder returns. But the sale proceeds were not actually used to repay bank loans and was instead, allegedly, siphoned off by the promoters…

Comments

Best Unconventional Workout and Sporting Activities for Summer

In summers, depending upon conditions and circumstances one can incorporate both outdoor and indoor activities in their training schedule. Summer is the season of holidays, picnics, outings and beaches. With travel and binge eating proper workout becomes that much more essential in summers. But with heat and the sun outdoors, an individual has to balance his indoor and outdoor activities to get a fulfilling workout. In summers, depending upon conditions and circumstances one can incorporate both outdoor and indoor activities in their training schedule. Mentioned below are some of the best physical and sporting activities that one can use as a workout to stay fit in the summer season. Beach Sports - If in summers one is going to spend much time on beaches or at a beach destination then one may use beach sporting activities such as beach rugby, beach soccer, beach tennis and beach volleyball to stay fit. All of these sporting activities on sand provide a ...

PSU bank employees go on two-day strike; services hit at many places

Employees of public sector banks went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country Employees of public sector banks (PSBs) on Thursday went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country. Many branches across different parts of the country were shut as the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW) had given two day strike call. As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals might be affected due to the strike. But ATMs are expected to function as usual. Public sector lenders, including State Bank of India, had informed customers that services in their branches might be affected due to ...

'When rape is inevitable, enjoy it...': Congress MLA in Karnataka Assembly

Senior Karnataka Congress leader KR Ramesh Kumar made a sexist and unsavoury comment on rape in the state Assembly Senior Karnataka Congress leader and former Karnataka Assembly Speaker KR Ramesh Kumar on Thursday made a sexist and unsavoury comment on rape in the state Assembly. Speaking in the Assembly, Kumar said, “There is a saying that when rape is inevitable, lie down and enjoy it. That is exactly the position in which you are.” The senior Congress MLA’s remark was made when MLAs began to demand time from Speaker Vishweshwara Hegde Kageri to discuss farmers’ issues in the Assembly. When the Speaker asked how the Session would be conducted if the time was allotted to everyone. “Whatever you decide I will say yes. What I am thinking is that let us enjoy the situation. I can’t control or regulate the system, my concern is about the business of the house, it has also to be covered,” the Speaker told the members. To this, the Congress MLA Ramesh Kumar mad...

Budget 2018-19

Search This Blog