The Economic Offences Wing of city police has got the custody of Peter Kerkar, the arrested promoter of debt-ridden travel firm Cox & Kings, who is accused of duping banks of R1,200 crore. Cases have been filed against Kerkar by Axis Bank, Laxmi Vilas Bank, Kotak Mahindra Bank, HDFC Bank and IndusInd bank.

According to the EOW, Kerkar allegedly took bank loans and diverted the funds for reasons other than what he had cited while borrowing the money. An EOW officer said they have come across 757 transactions believed to be tied to the illicit transfers.