Cox And Kings Promoters Face CBI Case Over Alleged Bank Fraud Worth 946 Crore

New Delhi:

Ezeego One Journey and Excursions Ltd and its promotors and administrators are actually dealing with a CBI case for allegedly defrauding Sure Financial institution for as much as Rs 946 crore, officers stated on Monday. The Central Bureau of Investigation filed the case towards the corporate and its executives Ajay Ajit Peter Kerkar, Urshilla Kekar, Neelu Singh, Arup Sen, Manisha Amarapurkar, Pesi Patel and Karthik Venkatraman.

Ezeego One Journey and Excursions is a sister concern of Cox and Kings Ltd. Ajay Ajit Peter Kerkar and Urshilla Kekar are promoters of each the businesses.

The CBI in its First Info Report stated Ezeego, which was included in 2006, is engaged in providing journey merchandise within the Indian market. The corporate first took credit score services from Sure Financial institution in 2017 for as much as Rs 650 crore, which was enhanced to Rs 1,015 crore by September 2018. As the corporate defaulted in fee, the account was declared non-performing asset (NPA) in June 2019.

A forensic audit of the account discovered that the corporate indulged in diversion of funds and a majority of the mortgage had been transferred to Cox and Kings Ltd, the financial institution stated in its grievance to the CBI.

Sure Financial institution alleged the corporate took Rs 150 crore to shut its mortgage account with Axis Financial institution and submitted paperwork displaying the identical, however the audit revealed that the corporate has not closed the mortgage and even that turned NPA in 2019.

Primarily based on the findings, Sure Financial institution termed the account as “fraud” and filed a grievance with the CBI, following which the CBI filed a prison case towards the promoters and administrators of Ezeego.

The Enforcement Directorate had additionally stated Cox and Kings group owes Rs 3,642 cror to Sure Financial institution.

Individually, CBI sources have advised NDTV they’ve acquired a grievance from State Financial institution of India concerning an analogous fraud dedicated by Cox and Kings Ltd with the general public financial institution and the identical is being examined.