Police Have Arrested A Person from Cox and Kings Company in Yes Bank Fraud of ₹400 Crores
Police Have Arrested A Person from Cox and Kings Company in Yes Bank Fraud of ₹400 Crores
A close aide of the owner of Cox and Kings company arrested in Yes Bank fraud of ₹400 crore, was doing business sitting in Europe.
Kerala: Mumbai’s Economic Offenses Wing (EOW) has arrested the associate of the owner of tour and travel company Cox & Kings from Kerala in the ₹400 crore Yes Bank fraud case. The arrested accused used to run his business in Europe. The accused had taken a loan from the bank and transferred ₹56 crore to a UK-based company.
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The Economic Offenses Wing (EOW) of Mumbai Police has arrested Ajit Menon in the ₹400 crore fraud case related to Yes Bank. Ajit Menon is a close associate of the owner of the tour and travel company Cox & Kings.
As soon as information was received that Ajit Menon was at Cochin Airport in Kerala after coming from London on Tuesday, the Mumbai Police team reached Cochin and arrested the accused. Look Out Circular was issued against Ajit Menon.
Menon was brought to Mumbai on Thursday and presented in the court, from here he was sent to custody till April 15. Menon has been a close associate of Ajay Peter Kerkar, owner of a travel company named Cox & Kings. Menon had come under the target of EOW during the investigation in the ₹400 crore Yes Bank fraud case.
In this case, there is an allegation of embezzlement of money after taking a loan from the bank. The work for which the loan was taken from Yes Bank was not done.
When the EOW investigated the matter, it was found that Menon was looking after the company’s operations in Europe. After taking a loan from Yes Bank, he transferred ₹56 crore from the same amount to a company based in the UK.
In the year 2021, EOW registered a case against Cox & Kings Financial Services Limited, a subsidiary of tour and travel company Cox & Kings, for defrauding Yes Bank of ₹400 crores.
About The Author:
Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blog, he’s also written for brands including CollegeDunia, Utsav Fashion, and NASSCOM. Naager entered the field of content in an unusual way. He began his career as an insurance sales executive, where he developed an interest in simplifying difficult concepts. He also combines this interest with a love of narrative, which makes him a good writer in the cybersecurity field. In the bottom line, he frequently writes for Craw Security.
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