Yes Bank's top borrower Cox and Kings sees raids at five of its premises
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.
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.
SEE ALSO: Flipkart is putting the money where its mouth is— and it’s not food and groceries yet
Hero MotoCorp shareholders are betting that people will go for cheaper bikes after the pandemic
Popular on BI
- Richest entrepreneurs under 40 named in the IIFL Wealth Hurun list became more richer by 12% in last one year
- Time taken to deliver items & returns are the key pain points for e-comm consumers
- DGCI allows Serum Institute to export malaria vaccine to UK
- Upcoming cars launching in India in October 2022
- Gurgaon-based Indifi disbursed ₹2,800 crore worth of loans to small business owners