CBI registers case against Cox & Kings, promoters for Rs 525 crore bank loan fraud

The Central Bureau of Investigation (CBI) has registered a case of alleged Rs 525-crore financial institution mortgage fraud in opposition to the promoters and administrators of Cox and Kings. The case was registered on the idea of a grievance by Sure Financial institution. 

The lender has complained that the journey firm submitted manipulated information to get credit score services from them. 

The case has been taken over by the CBI from the Mumbai Police that was earlier probing the matter in opposition to Cox and Kings, its promoters and administrators Ajay Ajit Peter Kerkar and Usha Kerkar, CFO Anil Khandelwal and administrators Mahalinga Narayanan and Pesi Patel.

The central probe company has registered the case on a reference from the Maharashtra authorities routed by the Centre in opposition to all people underneath IPC sections associated to dishonest, forgery and prison misconduct along with provisions of the Prevention of Corruption Act.

In the meantime, buying and selling of Cox and Kings has been suspended since 2021, as a consequence of non-payment of ALF (annual itemizing charges) dues. SEBI requires listed corporations to pay ALF to recognised inventory exchanges.