Ajit Menon, a close aide to Cox & Kings owner Ajay Peter Kerkar, was taken into custody by Mumbai police in relation to a Yes Bank fraud investigation. Menon arrived from London and was captured at the Cochin airport in Kerala. There was a Look Out Circular published about him. After being transported to Mumbai, Menon was placed under police detention until April 15.
In connection with a Rs 400-crore fraud case involving Yes Bank, the Mumbai police’s Economic Offences Wing (EOW) has detained a close aide of the owner of the tour and travel company Cox & Kings, according to sources on Friday. British national Ajit Menon (67) was detained by a Mumbai police squad at the Cochin airport in Kerala on Tuesday after he landed from London, according to an official.
He said that a Look Out Circular had been issued against him. According to the official, Menon was transported to Mumbai on Thursday morning and appeared in court, where a judge placed him under police detention until April 15.
The official claimed that Menon was a close associate of Cox and Kings’ proprietor, Ajay Peter Kerkar.
According to the official, Menon came to the attention of the agency while it was investigating the Rs 400-crore Yes Bank fraud case. The case comprised allegations of money diversion following the acquisition of a bank loan. According to the official, the money that Yes Bank disbursed was not used for the reason that they had applied for the loan.
According to the official, EOW discovered during the investigation that Menon, who previously oversaw the business’s operations in Europe, had stolen Rs 56 crore from the loan amount and given it to a UK-based business.The tour and travel firm Cox & Kings’ sister company, Cox & Kings Financial Services Limited, was sued by the EOW in 2021 for allegedly defrauding Yes Bank of Rs 400 crore.
In addition to student loans and other non-banking financial services, Cox and Kings Financial Services Limited handled foreign exchange transactions and financed vacations.According to him, the company’s owner Kerkar, his wife Menon, and other people were identified in the FIR by the EOW.
