CBI Probes Rs 525-Crore Bank Loan Fraud in Travel Company

The CBI has registered a case of an alleged Rs 525-crore bank loan fraud against the promoters and directors of Cox and Kings, based on a complaint by Yes Bank. The case involves charges of cheating, forgery, and criminal misconduct, previously investigated by Mumbai Police.

The Central Bureau of Investigation (CBI) has initiated a case involving an alleged Rs 525-crore bank loan fraud tied to the prominent travel company, Cox and Kings. This action follows a complaint lodged by Yes Bank, officials reported on Thursday.

The investigation, previously overseen by the Mumbai Police, has now been taken up by the central agency. The probe encompasses charges against the company's promoters and directors, namely Ajay Ajit Peter Kerkar, Usha Kerkar, CFO Anil Khandelwal, and directors Mahalinga Narayanan and Pesi Patel.

The case, as referred by the Maharashtra government through the Centre, implicates the individuals under IPC sections related to cheating, forgery, and criminal misconduct, along with provisions from the Prevention of Corruption Act. Officials have alleged that the company provided manipulated records to secure financial facilities from Yes Bank.

(With inputs from agencies.)