MUMBAI: CBI searched eight premises in the city on Saturday as part of its probe into a case registered against a Cox & Kings group company, Ezeego One Travel & Tour company, its promoter Ajay Ajit Peter Kerkar and others for causing Rs 950 crore loss to Yes Bank .
It is alleged that Ezeego had not utilized the loan availed from the bank for the declared purpose and diverted it into group companies. The CBI also booked Urrshila Kerkar, and directors Neelu Singh, Arup Sen, Manisha Amrapurkar, Pesi Patel and Karthik Venkatrman in the case besides others.
The company availing loan from Yes Bank in 2017 and defaulted on a Rs 950 crore payment. Its account became an NPA in June 2019. The bank appointed a company for forensic audit which suggested fraud by the company.
The audit report found that the company transferred most of the loan amount to Cox & Kings Ltd, including Rs 85 crore that the company took from the bank to implement advance travel software. The company claimed it had an agreement with a software firm for this for which the money was used and provided its copy to the bank. The audit found that the software company had not signed any agreement with Ezeego.
Stay updated with the latest news on Times of India. Don't miss daily games like Crossword, Sudoku, and Mini Crossword.Vijay V Singh has worked for various print and online publication...
Read MoreVijay V Singh has worked for various print and online publications before joining The Times of Indiain 2008. He covers crime and takes a keen interest in criminology. His hobbies include travel (especially on bikes), reading and cricket.
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