The Central Bureau of Investigation (CBI) has taken over the investigations of a Rs 525 crore alleged loan default case previously registered at the Dadar police in 2021 against officials of the Cox & Kings Company on the complaint of Ashish Vinod Joshi, the then chief vigilance officer, Yes Bank.
According to the agency sources, those named in the FIR registered by the CBI are Cox & Kings promoter and director Ajay Ajit Peter Kerkar, Urshila Kerkar and three others as accused in the case.
"Pursuant to the notification of Government of Maharashtra, Home Department dated 29.05.2023, the Ministry of Personnel, Public Grievances and Pensions (Department of Personnel and Training), Government of India has issued notification dated 26.04.2024 for investigation into the offence dated 23.06.2021 of Dadar police station, Ajay Ajit Peter Kerkar (Promoter/Director), Urrshila Kerkar (Promoter/Director), three others, unknown others and unknown bank officials on the complaint of Ashish Vinod Joshi, the then CVO of M/s Yes Bank Limited, Mumbai. Accordingly, the case has been taken over for investigation by the CBI," said a CBI official.
According to the sources, the bank had filed a complaint for fraud by M/s. Cox & Kings Limited to whom it had granted credit facilities in the nature of Working Capital Demand Loan, Short Term Loan, Cash Credit and Temporary Overdraft. "The account had been reported as fraud to the Reserve Bank of India on February 07, 2020 with an amount of Rs 525 crore on grounds of alleged misrepresentation of material facts in the financial statements.
The CBI has now registered an FIR under sections 420 (cheating and dishonestly inducing delivery of property), 465 (forgery), 467 (forgery of valuable security, will, etc.), 468 (forgery for purpose of cheating), 471 (using genuine a forged) of the Indian Penal Code and relevant sections of the Prevention of Corruption Act.
