Peter Kerkar is accused of laundering bank loans of Rs 1,200 crore; he was arrested by ED last year and was in judicial custody since then
Police say Cox & Kings owes Rs 449 cr to Axis Bank, Rs 239 cr to IndusInd Bank and Rs 174 cr to Kotak Mahindra Bank
The police said the firm owes Rs 449 crore to Axis Bank, Rs 239 crore to IndusInd Bank and Rs 174 crore to Kotak Mahindra Bank.
In 2020, the Enforcement Directorate had arrested Kerkar and he was placed in judicial custody. The EOW later moved court for Kerkar's custody.
“We had filed an application in PMLA [Prevention of Money Laundering Act] court to get Kerkar's custody which the court agreed. We will take Kerkar's custody from Taloja jail and present him in the court tomorrow [Wednesday]," an EOW officer said.
Kailash Date, a former vice president of Cox and Kings, said that the company had over 2,000 employees who are yet to receive salary for five months, which works out to nearly R95 crore. “Employees were not paid from May to October of 2019 and were told that the company had gone bankrupt. I worked in the company for 20 years but it has not cleared my PF and Gratuity.”
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