CBI Registers Case Against Cox & Kings’ Directors, Promoters Over Alleged Bank Fraud

The Central Bureau of Investigation has registered a case against the promoters and directors of Cox and Kings, a travel company, in connection with an alleged bank loan fraud of Rs 525 crore. The CBI has initiated this action after a formal complaint by Yes Bank which raised its concerns regarding the financial irregularities involving Cox and Kings.

The central probe agency has taken over the case from Mumbai Police which had been conducting the inquiries in the matter. The individuals who have been named in the case involve the promoters/directors of the travel company Ajay Ajit Peter Kerkar and Usha Kerkar, as well as Chief Financial Officer (CFO) Anil Khandelwal. Directors Mahalinga Narayanan and Pesi Patel have also been named.

The investigation by the CBI is based on a referral from the Maharashtra government which was processed through the central government. The agency is investigating all involved parties under the multiple sections of the Indian Penal Code (IPC), which include charges regarding cheating, forgery and criminal misconduct.

In addition, the case invokes the provisions of the Prevention of Corruption Act, highlighting the extent of misconduct being investigated. As per the media reports, the main highlight of the allegations centers on the assertion of the submission of fake financial records by Cox and Kings to obtain credit facilities from Yes Bank. This alleged manipulation of records poses serious questions regarding the integrity of the company’s financial practices as well as the broader implications for the banking sector.