Cox & Kings promoter files discharge plea in money laundering case
Ajay Ajit Peter Kerkar, the promoter of global tours and travel company Cox and Kings Group (CKG), booked for money laundering, has approached the special Prevention of Money Laundering Act (PMLA) court for discharge
Ajay Ajit Peter Kerkar, the promoter of global tours and travel company Cox and Kings Group (CKG), booked for money laundering, has approached the special Prevention of Money Laundering Act (PMLA) court for discharge.
Kerkar’s legal team submitted the discharge application last week and called the prosecution to bring the evidence against him before the court, said his lawyer Dharmesh Joshi and Parag Joshi of TD Joshi and Associates. They have sought discharge for him claiming no prima facie case have been made out against him for framing charge by the prosecution.
Kerkar was arrested in November for his role in financial irregularities and money laundering linked to the Yes Bank.
According to Enforcement Directorate (ED), its preliminary probe has revealed that Cox and Kings Group had defaulted ₹3,642-crore loans taken from Yes Bank. The loans were driven by Rana Kapoor, co-founder, and former managing director and CEO of Yes Bank, after bypassing the norms, the ED had alleged.
The central agency had claimed that the loan amount was diverted to other companies in connivance with the travel company’s chief financial officer Anil Khandelwal and internal auditor Naresh Jain.
The agency has also alleged that the balance sheet of the company was also manipulated to avail more loans from two more banks.
Kerkar has so far claimed his innocence and stated that he has lodged a complaint against Khandelwal, Jain and others.
However, ED has claimed that the complaint was lodged with an ulterior motive to camouflage his role in the case. Investigations have pointed out that Kerkar was the mastermind behind siphoning off the proceeds of crime and hence an additional Enforcement Case Information Report (ECIR) was registered on November 23, last year against him.