YES Bank fraud: Mumbai police arrests Cox & Kings promoter

Asia's Tech News Daily

YES Bank, fraud, Mumbai police, arrests, Cox & Kings, promoters

The Mumbai Police on Thursday arrested Ajay Ajit Peter Kerkar, the promoter of now-insolvent Cox & Kings (India), in a Rs 525 crore bank fraud case filed by

Yes Bank

.

The police will on Friday approach a local court seeking his remand for custodial interrogation. Apart from the Yes Bank case, six more FIRs have been registered against Kerkar, his former chief financial officer Anil Khandelwal and others over alleged fraud caused including to Laxmi Vilas Bank, Kotak Mahindra Bank and IndusInd Bank.

Niket Kaushik, the chief of Mumbai Police’s Economic Offences Wing, told ET that Kerkar’s custodial interrogation was pivotal to its probe into the case.

Kerkar is already in jail, after he was arrested by the Enforcement Directorate (ED) in a money-laundering case linked to the alleged Yes Bank fraud. The Mumbai Police on Thursday arrested him from the Arthur Road jail where he was lodged, after seeking a production warrant from a PMLA court, senior inspector Kishore Parab told ET.

Yes Bank, in its complaint filed with the city police, had alleged that between 2015 and 2018, Kerkar availed of loans from the bank by submitting fake documents. These loans were never utilised for the stated purposes, it had alleged.

While Rana Kapoor, the Yes Bank founder who is now in jail, hasn’t been named in the Cox & Kings case, the Mumbai Police will investigate if he in any way helped Kerkar to get the loans sanctioned as this was the period when Kapoor was at the helm of the bank, said an officer privy to the development.

Both Kapoor and Kerkar are being probed by multiple agencies including the CBI and the ED. In its recently filed prosecution complaint, the ED had alleged that at least 71 loans totalling more than Rs 31,855 crore approved by Yes Bank during Kapoor’s tenure had turned bad.

People in the know said while the defaulters of Yes Bank were being probed by the CBI and ED, the bank registered a case with the city police after the state government denied according general sanction to the CBI to probe the case. It is learnt that the state, while denying approval, informed the CBI that the city police were probing Kerkar in other fraud cases and could probe this case too.

A general consent is a must for the CBI to register an offence in the state and in its absence, the federal agency has to approach the local government on a case-to-case basis seeking permission to conduct investigation.

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