Yes Bank's top borrower Cox and Kings sees raids at five of its premises

Yes Bank's top borrower Cox and Kings sees raids at five of its premises
Yes bank in the city.About Rs 34 crores that Aurangabad district central cooperative bank was supposed to get from the state under the farm loan waiver scheme, have got stuck in the Yes Bank after RBI imposing withdrawal limit of Rs 50,000 on Yes Bank customers. Aurangabad,TOI,Photo by Snehil SakhareIANS
The Enforcement Directorate on Monday raided at least five premises of global tours and travel company Cox and Kings in Mumbai in connection with the Yes Bank money laundering probe case, officials said. The teams of the central agency are carrying out the searches under the Prevention of Money Laundering Act (PMLA), they said.

Cox and Kings was one of the top borrowers of the bank and the latter had an exposure of about Rs 2,260 crore to the company, the officials said.

The searches are aimed at gathering more evidence in the case and five premises are being covered, they said.

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The ED is probing Yes Bank and a number of other large corporate groups in connection with an alleged fraud case where huge loans issued by the bank became non-performing assets (NPAs).

It arrested Yes Bank co-founder Rana Kapoor in March this year and recently filed its first charge sheet in the case before a special PMLA court in Mumbai.

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