Anil Khandelwal and Naresh Jain were arrested under the provisions of the Prevention of Money Laundering Act (PMLA) in October
A special court in Mumbai on Wednesday rejected bail pleas of a former CFO and an ex-internal auditor of Cox and Kings Group, who were arrested by the Enforcement Directorate (ED) in connection with a money laundering probe in the Yes Bank loan default case.
Special judge PP Rajvaidya rejected the bail applications of former CFO Anil Khandelwal and former internal auditor Naresh Jain. They were arrested under the provisions of the Prevention of Money Laundering Act (PMLA) in October this year.
According to the ED, its probe found that Yes Bank had a total outstanding of Rs 3,642 crore in respect of Cox & Kings Group of Companies (CKG).
Yes Bank’s co-promoter Rana Kapoor and DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan were arrested by the ED early this year.
The agency has alleged that Kapoor, 62, entered into a criminal conspiracy with Kapil Wadhawan, DHFL promoter for round tripping of funds where loans from Yes Bank to DHFL landed in companies owned by daughters of Kapoor, DoIT Urban Ventures (India) Pvt Ltd, officials said.