New Delhi, Dec 29 A case of loan fraud amounting to Rs 38.46 crore has been lodged against Cox & Kings Ltd, a leisure travel company, and its officials by the Central Bureau of Investigation (CBI) based on a complaint filed by the Indian Bank.
A senior CBI official said that the complaint was lodged by Binu J. Pillai, Deputy General Manager and branch head of Indian Bank, against Cox & Kings Ltd and its directors, namely Anthony Bruton Meyrick Good, Ajay Ajit Peter Kerkar, and its whole-time director Urrshila Kerkar, among others.
Indian Bank alleged that the accused company in pursuance of criminal conspiracy hatched with unknown bank officials had approached the erstwhile Allahabad Bank (now merged with Indian bank) on May 27, 2019, with a request for subscription of the commercial paper of the company, which the bank subscribed for a face value amounting to Rs 50 crore.
"Cox & Kings fraudulently and dishonestly misrepresented financial statements, accounts and concealed the facts, and subsequently diverted the proceeds of the commercial papers. The above acts caused a wrongful loss of Rs 38.46 crores to Allahabad Bank, now merged with Indian Bank, and corresponding wrongful gains to the accused," the complaint said.
The aforesaid facts disclosed commission of cognizable offence punishable under Sections 120-B read with 420 of the Indian Penal Code, and Section 7 of Prevention of Corruption Act.
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