Mumbai: A special Prevention of Money Laundering Act (PMLA) court on Thursday rejected the bail applications of Cox & Kings group companies promoter Peter Kerkar and group CFO Anil Khandelwal in a money-laundering case connected to the Yes Bank fraud.
The Enforcement Directorate (ED), in its first chargesheet, had also named firms associated with the accused and claimed that they were involved in the fraud.
Kerkar was allegedly involved in siphoning proceeds of crime in conspiracy with Khandelwal and internal auditor Naresh Jain to defraud banks, from which Cox & Kings group had taken loans. The group had allegedly taken Rs 3,642 crore loans from banks, including Yes Bank, and siphoned the money.
PMLA court rejects bail to Cox and Kings promoter, CFO in Yes Bank-related case
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Hawala racket: 700 entities under ED scanner
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NEW DELHI: In one of the biggest money laundering cases registered by it so far, the Enforcement Directorate has started attachment of assets of people associated with main accused Naresh Jain, a hawala dealer. Jain and his associates earned Rs 565 crore just through commissions by laundering thousands of crores in black money of businessmen, bureaucrats and politicians over the past few years.
Jain is wanted by the police of four countries Italy, the UK, the US and UAE and has been accused by the agency of circular transactions of more than Rs 95,000 crore black money belonging to some high net-worth individuals. He made transfers of at least Rs 18,000 crore of black money to foreign bank accounts which was later handed over to “beneficiaries” through their overseas contacts, according to sources in ED.