The case based on Kotak Bank’s complaint was later transferred to Economic Offences Wing (EOW)
Kotak Mahindra Bank has reportedly registered a case against Cox & Kings Ltd., alleging that the company defrauded the private lender of over Rs 170 crore. While the preliminary investigation is underway, the Mumbai police has registered a case based on Kotak Bank’s complaint. The case was subsequently transferred to the Economic Offences Wing (EOW).
IndusInd Bank’s complaint of being defrauded by Cox & Kings Ltd (CKL) of about Rs 240 crore is also being probed by the EOW.
“We have studied the complaint and the audit report prepared by PwC against CKL and have found merit in IndusInd Bank’s complaint. The preliminary enquiry will be soon converted into an FIR,” an official privy to the development told the Economic Times.
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Cox & Kings promoter Ajay Ajit Peter Kerkar had earlier lodged counter-FIRs against the banks and key personnel of the travel company’s former management last month, accusing them of causing a loss of over Rs 5,500 crore to CKL and its affiliates.
Cox & Kings is currently going through the corporate insolvency resolution process.
In June, The Enforcement Directorate (ED) carried out searches at five locations of the travel firm in Mumbai in connection with the Yes Bank money laundering case.
Yes Bank was the biggest lender to loan defaulter travel firms with total claims of over Rs 2,285 crore, according to a list of financial creditors prepared by the resolution professional of the debt-ridden firm.
