Cox & Kings owner’s associate arrested in Rs 400 crore scam

Mumbai: The Economic Offenses Wing (EOW) of Mumbai Police has arrested Ajit Menon, close to the owner of tour and travel company Cox & Kings, in the Rs 400 crore Yes Bank fraud case.

Elaborating on the case, an official said British national Ajit Menon (67) was arrested by a Mumbai Police team from Cochin airport in Kerala on Tuesday after his arrival from London. A lookout circular was issued against him.

After being brought to Mumbai on Thursday morning, Menon was produced in the court and sent to police custody till April 15. According to the official in this regard, Menon is a close associate of Cox & Kings owner Ajay Peter Kerkar. Menon came under the radar of the Economic Offenses Wing during the agency’s investigation into the Rs 400 crore Yes Bank fraud case. In which money was allegedly embezzled after taking a loan from the bank. The money disbursed by Yes Bank was not used for the purpose for which they had obtained the loan.

During investigation, the Economic Offenses Wing found that Menon, who was looking after the company’s operations in Europe, had embezzled Rs 56 crore of the loan amount. The company located there was diverted. In 2021, the Economic Offenses Wing registered a case against Cox & Kings Financial Services Limited. Yes Bank’s Rs 400-crore Cox & Kings Financial Services Ltd, a subsidiary of renowned travel company Cox & Kings, was reportedly providing forex business, leisure financing, student loans and other non-banking financial services. The Economic Offenses Wing has named company owner Kerkar, his wife, Menon and others in the FIR.