Cox & Kings Embroiled in 284-Crore Fraud Scandal

Strategic Insights -

The Economic Offences Wing (EOW) of the city police has registered a second FIR against global tours and travel company Cox & Kings following a 284-crore fraud complaint filed by IndusInd Bank. The executives of the firm have been booked for payment default, cheating, criminal breach of trust, and forgery. The FIR names 10 people, including CEO Ajay Peter Kerkar and CFO Anil Khandelwal, who has been previously arrested by the Enforcement Directorate (ED) in connection with the Yes Bank case.

Key Takeaways:

  • The EOW has registered a second FIR against Cox & Kings in connection with a 284-crore fraud complaint filed by IndusInd Bank.
  • The FIR names 10 people, including CEO Ajay Peter Kerkar and CFO Anil Khandelwal, who has been previously arrested by the ED in connection with the Yes Bank case.
  • The company has been booked for payment default, cheating, criminal breach of trust, and forgery.
  • Sagar Deshpande, a former employee of Cox & Kings, was found dead under mysterious circumstances on October 12, and his name will be dropped at a later stage if he is found not guilty.
  • The company has allegedly defaulted on payments worth over 250 crore, and the EOW has issued lookout circulars against six accused in connection with the Kotak Mahindra Bank case.
  • The ED is also investigating the company in connection with the Yes Bank case, and has arrested Anil Khandelwal and Naresh Jain, internal auditor of Cox & Kings Group.
  • The company has lodged counter-complaints, with promoter Kerkar accusing directors, CFO, and other executives of siphoning off money and framing him.

Statistics:

  • The 284-crore fraud perpetrated by Cox & Kings, as alleged by IndusInd Bank.
  • The amount of money allegedly defaulted by Cox & Kings, as per the complaint filed by IndusInd Bank.
  • The number of people booked in the FIR, including CEO Ajay Peter Kerkar and CFO Anil Khandelwal.
  • The number of lookout circulars issued against six accused in connection with the Kotak Mahindra Bank case.
  • The amount of money allegedly siphoned off by the company, as per the counter-complaints lodged by Kerkar.

Sources:

  • Economic Times (October 23)
  • News18 (October 23)
  • Business Standard (October 23)
  • Cox & Kings Group official statement to Legal Monitor Worldwide