CBI registers case against Cox & Kings, promoters for Rs 525 crore bank loan fraud

The Central Bureau of Investigation (CBI) has registered a case of alleged Rs 525-crore bank loan fraud against the promoters and directors of Cox and Kings. The case was registered on the basis of a complaint by Yes Bank. 

The lender has complained that the travel company submitted manipulated records to get credit facilities from them. 

The case has been taken over by the CBI from the Mumbai Police that was earlier probing the matter against Cox and Kings, its promoters and directors Ajay Ajit Peter Kerkar and Usha Kerkar, CFO Anil Khandelwal and directors Mahalinga Narayanan and Pesi Patel.

The central probe agency has registered the case on a reference from the Maharashtra government routed through the Centre against all individuals under IPC sections related to cheating, forgery and criminal misconduct in addition to provisions of the Prevention of Corruption Act.

Meanwhile, trading of Cox and Kings has been suspended since 2021, due to non-payment of ALF (annual listing fees) dues. SEBI requires listed companies to pay ALF to recognised stock exchanges.