Economic Offenses Wing (EOW) of the Mumbai Police has registered a seventh FIR against global tour and travel company Cox and Kings, its promotor, directors and other employees for allegedly duping Yes Bank to the tune of Rs 523 crore. The accused availed loan from the complainant bank and later allegedly defaulted in repayment, EOW officials informed on Thursday.
The EOW is already investigating six FIRs against Cox and Kings group for alleged financial frauds involving around Rs 2,000 crore. Of the six FIRs, five are registered by private sector banks.
Joint Commissioner of Police (EOW) Niket Kaushik, confirmed that an FIR has been registered against Cox & Kings and said that the investigation is on.
The Banking (fraud) Unit of EOW has booked Cox & Kings's promotor Ajay Ajit Peter Kerkar, wife Urshila Kerkar, Anil Khandelwal, the chief finance officer and other directors, auditors and others on the complaint of Yes Bank.
According to the EOW, various financial irregularities had surfaced during the forensic audit of accounts of Cox and Kings groups following which details of loan defaults have also emerged.
On the complaint of Ashish Joshi, a senior executive from Yes Bank, the EOW registered the fresh FIR for loan default of Rs 523 crore.
EOW officers said that the accused travel company, its promoters, directors, auditors and other accused conspired together and fraudulently availed loan from various banks. "Forged documents were submitted to banks by Cox and Kings group to fraudulently obtain the loan. Later the loan money was diverted and used for other purposes," said an officer.
Peter Kerker had earlier filed two counter FIRs against some of the complainant banks and senior executives of his company for allegedly conspiring together and cheating the company. EOW is investigating these two complaints also.
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