Mumbai Police have arrested a close associate of the former owner of Cox & Kings, a travel and tourism company, in connection with a massive bank fraud case involving Rs 400 crore. This development comes as a significant step forward in the investigation into the financial irregularities that plagued the company.

The details of the arrested individual and their specific role in the alleged fraud are yet to be fully disclosed by the authorities. However, reports suggest the individual was a key player in the financial dealings of the former owner.

Cox & Kings, once a leading travel firm in India, faced severe financial difficulties in recent years. The company defaulted on loan repayments, leading to investigations by banks and financial institutions. These investigations ultimately revealed discrepancies and suspicious financial activities, culminating in the current fraud case.

The arrest of the close aide is expected to provide crucial leads to the investigators and potentially expose the wider network involved in the alleged fraud. This case also highlights the ongoing challenges faced by Indian authorities in tackling financial crimes and irregularities within corporations.