The ED probe is based on a case registered by the CBI on March 7, against Mr. Kapoor and others. On March 8, the ED arrested Mr. Kapoor and he is currently in judicial custody. During the probe, it noticed irregularities in the loans sanctioned to the Cox & Kings group. About $15.34 million was transferred to Kuber Investment Mauritius Private Limited, allegedly controlled by Peter Kerkar. It was used to buy controlling stake in Tourism Finance Corporation of India Limited, said the ED.

Source: The Hindu June 08, 2020 07:03 UTC